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    jmoreno918's Avatar
    jmoreno918 Posts: 4, Reputation: 1
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    #1

    Mar 6, 2008, 01:20 PM
    Bankruptcy versus foreclosure.
    I have been trying to sell my home for 2 yrs. I can't afford to be paying this mortgage plus the equity loan I took out, and my new home mortgage. Should I look to foreclose and if I do will the 2nd loan be consisdered the same or will I have to pay that off. And there there is always the option of filing for bankruptcy. I have a home now if that matters?
    jstrike's Avatar
    jstrike Posts: 418, Reputation: 44
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    #2

    Mar 6, 2008, 01:47 PM
    Have you looked into renting out the second house as a source of income?
    jmoreno918's Avatar
    jmoreno918 Posts: 4, Reputation: 1
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    #3

    Mar 6, 2008, 02:15 PM
    Yes but the market is extremely bad in Florida.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Mar 6, 2008, 03:18 PM
    I guess I have to ask a couple of questions, sorry if I rant a bit.

    Have you recently lost your job or had your income reduced.

    Have you moved recently requiring you buy another house.

    Why did you buy a new home esp if you can not afford to pay both the new and old Have you talked to the lenders asking them to accept only interest for now till home sells.

    Are you renting the one home yet
    jmoreno918's Avatar
    jmoreno918 Posts: 4, Reputation: 1
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    #5

    Mar 6, 2008, 03:29 PM
    Yes we moved for my wife's job. But we were n the process of closing on our old home when we bought our new home. Needless to say it didn't go through. I would be willing to get with my lenders but I don't think the market will be getting better anytime soon.
    jmoreno918's Avatar
    jmoreno918 Posts: 4, Reputation: 1
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    #6

    Mar 6, 2008, 03:54 PM
    Quote Originally Posted by Fr_Chuck
    I guess I have to ask a couple of questions, sorry if I rant a bit.

    Have you recently lost your job or had your income reduced.

    Have you moved recently requiring you buy another house.

    Why did you buy a new home esp if you can not afford to pay both the new and old Have you talked to the lenders asking them to accept only interest for now till home sells.

    Are you renting the one home yet
    Yes we moved for my wife's job. But we were n the process of closing on our old home when we bought our new home. Needless to say it didn't go through. I would be willing to get with my lenders but I don't think the market will be getting better anytime soon.
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