 Bankruptcy or deed in lieu?
Long story short, if you need details please let me know but here is the gist...filed ch13 in 2009 couldnt even afford it, it was dismissed 2010. I havent paid my mortgage on my house in 16 months, BOA is mortgage, we had already moved out since they told us if we got 2 months behind they would foreclose. They still havent yet, we applied for short sale, loan modifications and got no where. All of the sudden they call a few weeks ago saying if we paid 4 months up then we would only be 12 months behind and I could apply for a loan mod. again, I said no I already did that and got turned down for free. So then they called later saying I could apply for a SS. I asked questions and decided no I would not since I would do all the work and then they could still come after me for the difference. Now they are offering a deed in lieu. My mortgage is FHA. BOA told me whatever the difference was owed on the house that the gov. would make me pay taxes on it because its basically considered a gift. I have actually filled out the ch7 papers but haven't paid the lawyer yet so its not filed yet. I have just a couple of things showing on my credit as negative but the worst is the BOA being behind 16 months.
I really would love to be able to buy another house in the near future or at least get a high enough score to rent one through a realtor. My question is, would it be easier to rebuild my credit by doing DIL or Ch7?
Sorry that was a lot longer than I thought
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12-21-2011, 04:44 AM
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