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    morfeuss's Avatar
    morfeuss Posts: 1, Reputation: 1
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    #1

    Jul 19, 2010, 05:20 PM
    settling debts vs Bankruptcy in shortsales and foreclosure
    Hello - Hopefully someone can help me!

    1. I short sold a condo in Atlanta and signed a 15K promissory note in 2007
    2. I short sold another condo in Miami and signed a promissory note in 2008 for 70k
    3. I had another condon in Florida that got forclosed in 2008.

    I am aware that Georgia and Florida are considered deficiency states, i.e. they can come after me for rest of the debt. I randomly get calls from bank of property #2 and I tell them that I am waiting for the other mess to clear so I know exactly how much I owe as I will more than likely declare bankruptcy, i.e, Chapter 13 (as I do have a job and will not pass the means test).

    I got a call today about property number #1 from a law office stating that I was going to get sued.

    - My question is, should I try to settle with them or wait until I get sued and try to settle then? Is there a way to "gage" if this company will actually sue me?

    - Should I wait to see if the sue me or try to settle, the loan has been sold 3 times and the original lender shows up as "account legally paid in full for less than the full balance", the other lenders do not show up in my credit report.

    - When and how will I know how much money is deficient on property number 3?


    Thanks for your help!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jul 19, 2010, 06:11 PM

    When the bank sells the property, if the bank has not yet sold it, they do not know.

    Next have you checked the "means" test. Since you can have a job, it will depend on how much you make, conpared to what you owe. Most people filing all have jobs. ( those that don't have no reason to or not money to file)

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