Quote:
Originally Posted by Dayze
You can under protection laws; mainly Chapter 13 I believe. You’re basically agreeing a payment plan with those assets that are protected and no liquidated; and you make those payments to a court appointed trustee etc. And, from what I’ve read (correct me CPers if I’m wrong), if you for some reason violate the payment plan (miss payments etc), the assets can move to an unprotected state and would be fair game to pay creditors etc.
Since we don’t have kids etc; moving isn’t AS big of a deal. And, if the lender would do Deed In Lieu of forclosure; basically give the house back, they agree at that point they won’t pursue any penalties etc…and the remove the foreclosure status. You could move, get into a rental or contract for deed home etc at a rate that is affordable; get yourself back on your feet etc. at that point, the pieces of your credit you’re trying to restore are merely any late payments etc. Much easier to restore than a foreclosure or bankruptcy (although even those are recoverable…they just take a lot longer).
Each scenario is different/what works best for everyone.
I would imagine if you had 3 kids etc….maybe filing for Ch 13 protection might be the better route etc.
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Just watch yourself, get everything in writing before you agree to it. I don't proclaim to know a lot about this, but I do know that when it comes to people getting money owed to them, they will do whatever it takes to get it, even if it means lying straight to your face. Also be wary of any service that says they will "help" you, sometimes they will leave you worse off than you already were.
Remember one important thing, the ONLY person who will be looking out for your best interest is YOU.