bankruptcy ?

[sniper57]

I own a home with a mortgage on it owe more than what it is worth. I do not want it anymore . I was renting it out but they are always late . I cannot keep two house holds going . I am living with girlfriend she cannot work bills are becoming over welming. I am on the lease but utilities are in her name. I am thinking about claiming bankruptcy or just letting them foreclose on the house. recieved first forecloser letter. Need to know if I should claim bankruptcy or let them foreclose. THanks Lee

 

[JenniferH]

My non legal opinion:

Foreclosure will not get you out of being financially responsible for the loan. For ex. foreclose, go to auction, house sell for less than loan due amount, you are responsible for remaining amount.

Now, if you were to let house foreclose, then file for bankruptcy and were discharged, you are not financially responsible for debt.

 

[bbauer]

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