Loans, Debt & Credit - View Single Post

melanieg · 02-04-2009, 11:44 AM

Hi Ornv3,

Yes, I was debating over whether to just wait for a deficiency judgement, or file now...That said, I've decided to file sooner rather than later. Most likely June/July timeframe. I just want to start fresh now rather than look over my shoulder waiting for the 2nd mortgage to come after me. However, I am going to try to settle with the 2nd mortgage for about 8%. I doubt that will work though. So in the meantime, I am preparing now to file for BK13.

If I didn't have my kids to think about, I might have just waited the 2nd out.

But for you, say in 3.5 years from now, they decide to do the judgement. You could have already had that 3.5 years to rebuild your credit, save, etc....then when you hit the bigtime in 5 years, you will be 1/2 way to free and clear - instead of just starting to rebuild....Also, you would already have 3-4 years behind you, and you would be able to purchase a house again (if you are courageous enough!!)....Most likely at the same prices they are going for now.

Good luck!!

02-04-2009, 11:44 AM	#2 (permalink)
melanieg Senior Member Join Date: Aug 2008 Posts: 41 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wait and see or file for bankruptcy? Hi Ornv3, Yes, I was debating over whether to just wait for a deficiency judgement, or file now...That said, I've decided to file sooner rather than later. Most likely June/July timeframe. I just want to start fresh now rather than look over my shoulder waiting for the 2nd mortgage to come after me. However, I am going to try to settle with the 2nd mortgage for about 8%. I doubt that will work though. So in the meantime, I am preparing now to file for BK13. If I didn't have my kids to think about, I might have just waited the 2nd out. But for you, say in 3.5 years from now, they decide to do the judgement. You could have already had that 3.5 years to rebuild your credit, save, etc....then when you hit the bigtime in 5 years, you will be 1/2 way to free and clear - instead of just starting to rebuild....Also, you would already have 3-4 years behind you, and you would be able to purchase a house again (if you are courageous enough!!)....Most likely at the same prices they are going for now. Good luck!!