bankruptcy auctions utah
I haven’t been able to sell my home for 3 1/2 years?
We have a home located in Vermont but live in Utah. The home in Vermont has been actively listed on the real estate market since Sept. 2006. We haven’t had a single offer and can’t afford to keep loosing money every year. Our lender has refused to do a loan modification, a deed in lieu of foreclosure, and we haven’t been able to short sale it either. We have decided to stop making payments and begin the foreclosure proceedings. Should we consider filing bankruptcy or let the home go into foreclosure. I have excellent credit and I am worried. What are the chances of the lender coming after us for the difference of what the house sells for at public auction?
The lender will either sue you for the balance of your mortgage or forgive it. Then you pay income taxes on that amount.
bankruptcy auctions utah