Real Estate

Here’s a crazy situation for you… I am getting married in May and live with my fiancee in his apartment. My condo, that I previously lived in for 4 of the past 5 years, is vacent (is was rented for 6 months, but I had to kick them out and can’t re-rent it) It has been on the market for 6 months. I owe 130,000, and finally go an offer for 35,000. I am 6 months behind on my mortgage, but don’t qualify for HAFA or any of those plans. So here is my questions – do I wait to see if the offer gets accepted (which I’m thinking it wont), or should I go ahead and file bancrupcy? I have an attorney for both on the backburner, and will qualify for chapter 7. Another factor is that I may get a raise in January (I’m a teacher, so you never know) and then who knows if I will qualify for anything.
In my situation, do I continue to wait another couple of months to see if the ss goes through and then risk not qualifying for chapter 7? Or, should go ahead with the bancrupcy filing?

BK doesn’t wipe out mortgages, so filing for that reason won’t help. The short sale may go through, I know it sounds like a long shot but believe me I see them accepted every day. Another option is deed in lew. This is where you deed the property back to the lender and avoid foreclosure. It will show the same as a short sale on your credit (settlement). If you have other liens on the property (like a second) they may sue you later and obtain a deficiency judgment (because they won’t be paid) that would be a good time to file that chapt 7, then it’s an unsecured dept and it will be wiped out. Good luck