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Should You File Bankruptcy After Your Short Sale?
More and more, homeowners are looking for ways to get out from under mortgages that are secured by homes that are worth far less than they owe to the bank. Some are simply walking away from their homes and letting the banks foreclose. Others are trying to sell their home by short sale. Whether you walk away from your mortgage or get the bank to agree to a short sale, you need to think about the consequences. By definition, a short sale will result in a deficiency in the amount you owe the lender after you sell your home. What that means is that even though you've sold your home, the lender didn't get back all of the money it lent for the home. You can be sure that the bank ... Read More
