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Are these terms familiar to you?
Can’t refinance
ARM
2nd Deed of Transfer
Subprime
Homequloc
Negative Equity
Upside Down
Mortgage crisis |
In bankruptcy you can either keep your house and rid yourself of your other debt which allows you to save the house and make the payments.
OR
Surrender your house and escape any deficiency.
OR
In certain cases, if there is no equity, you can obtain a court order that you do not have to pay the 2nd deed of transfer payment.
A lot of people purchased a house with nothing down and now with housing prices dropping they are finding they owe more than the house is worth.
If you give up the house and walk away you will be sued for the deficiency. Bankruptcy will resolve that deficiency .
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