I have Countrywide for 1st and 2nd mortgages, totaling $310K. I know my home isn’t worth more than $260K for a reasonably quick sale right now. I recently did a loan modification with them on both loans, trying to catch up, but my income dropped further, I’m behind again, and I’ve decided to cut my losses.

I don’t want to file for bankruptcy. I just want to get rid of the home loans and then get caught up on all of my unsecured debts. I’m worried that they’ll auction it off for ~$200K and then get a deficiency judgment to make me pay them the difference. What is the likelihood of that happening? Is there something in the loan docs that’ll tell me if this is even an option for them (or perhaps it’s in the AZ law somewhere)?

I make pretty good money (just under $50K) and they have proof of that from my recent loan modification. Is this going to make them want to or able to get a deficiency judgment against me?

Please list your answer and your source or credentials. Thank you!
Yes, they hold both mortgages.

I appreciate the advice about trying to keep the home, but I’ve weighed all the pros and cons and I’ve decided to cut my losses.

Please answer my question about the judgment if you have any info. Thank you.
razberryicet, thank you so much for that info! that is exactly the help I was looking for.

IMMIGRATION IN THE 20TH AND 21ST CENTURY AND THE RESULTING DEMISE OF CIVILIZED NATIONS AND DECENT PEOPLES.

Immigration to America in the 17th to 19th century was by decent, hardworking, well intentioned people, heading to America with honorable intentions to build and contribute to society. They created a workable social system with benefits to the deserving and a society of well-intentioned and decent people. But no such people come any more.

Now they come in droves, packing the major cities, causing an increase in crime, congestion, and taxes as real estate rents soar, parking is unavailable or exorbitantly high. Americans who took their entire lives to pay off their home mortgages, now find that the taxes on their homes are so high, they cant afford to live in them any more and the congestion so bad, they cant even find a place to park in front of their own homes. Many have to pack up and move out of the city, just to make ends meet, and then face the arduous daily hours of driving back and forth just to get to work and back home. That is, those that still have jobs, since as this goes on, jobs disappear, either right here where we get laid off, or the whole company moves out to a cheap labor country. And as the hordes make demands for energy needs, power needed to heat and light homes and buildings is insufficient, and cities black out, the demand for gas soars, heating prices skyrocket, and our own supply of gas becomes insufficient to meet our own needs, and we become victims of the arabs, who use the pumps to revenge our policies they don’t like. Even the price of food is soaring to feed these unwelcome parasites.

They pile over the borders or by plane on visitor visas, preying on the good naturedness of Americans to provide a refuge for the oppressed, they connive the appearance of the downtrodden and persecuted, and then sit down comfortably and stay here, leeching off the health care system which faces bankruptcy in 20 years, the welfare system that us sucker u.s. taxpayers have to pick up the tab for, and which we spent decades to build.

Social parasites from latin america, flock here to live free on us sucker taxpayers, dragging their families and relatives in, once they get green cards and then swamping the health care system with their third world illnesses and birth defects. And the other breed of latinos – criminals of the most evil intensities terrorizing communities in which they rob and kill.

Thieves and common criminals from the countries of eastern Europe and the soviet union, hearing that there is still stuff on store shelves when stores close, that hasn’t been shoplifted or sold, come and steal, with impunity.

Mafia organizations that control Russia and the countries of the former soviet union, setting up foreign crime systems that specialize in grand larceny, weaponry, even nuclear arms materials for sale, stolen from the old soviet system, available for sale to our enemies, raking them million$.

Africans, infected with viruses and bacteria from eating wild animals, giving them strange and deadly diseases, walk in, causing epidemics and death to our gay citizens and to other innocent people in general and swamping the health care system.

Asians with alien religious philosophies, contrary to Christian monotheism, poisoning the minds of our youth. And they come and take our jobs away here in America, while employers, enticed by cheap labor, move their companies there, leaving us unemployed,.

Terrorists walk in and go about their death tactics with ease and we shudder at what they will do to us next.

All, contributing to crime, violence, social unrest.

Finally, To add insult to these injuries to our nation, our government picks up the tab for hundreds of thousands of third world “students” to come, pack our universities tuition free at the expense of us US taxpayers ,while we Americans fall into debt to pay for our own children to get a college education.

AND WE ARE EXPECTED TO PICK UP THE TAB WORLDWIDE
FOR THEM, WHENEVER S–T HAPPENS ANYWHERE.

What kind of fools are running this country?
What kind of fools are we to let this go on?

And WHATEVER HAPPENED TO LAW AND ORDER?

I have 2 loans on my home, the first is a negatve arm so my loan is growing. I owe 275 and the houses are selling for 260 so selling is not an option. I also filed bankruptcy a couple of months ago, the case have already been confirmed and I am making payments for my chapter 13. I live in CA. My question is how will the foreclosure work? How will it affect my credit and will I loose my job or go to jail if I walk away? my neighborhood is very dangerous, a murder happened recently behind me and there was a drive by last night. I am so scared living here. My husband is in law enforcement so we do not want him living here, we are scared this will affect his job. What do I do? Please help me.
the home was not included in the bankruptycy.

filed bankrupsy back on 9/21/00. I need to file agian. When i did this then of course I nver thought i would be doing it agian, but anyway i was told then that I had to wait 6 years. Now my question is….if I did this 5 years before this new law passed then can I file it agian, and then the new new law applies or do i have to wait 8 years even though it was before the new law passed. This was a chapter 7.
NOW another question…… If I cant do the chapter 7, will i be able to do chapter 13???

If someone’s grandparent (who is on Social Security-sole income) has a cc debt and cannot make the payments can they make them sell property to pay off the debt. Debt is around $40,000.00. Payment hasn’t been made in about 8 months. Had a payment plan for a year and cc company wouldn’t extend it. Grandchildren are trying to help them pay but cc company wants $1200.00 down and $250.00 every 2 weeks. Does not want to file bankruptcy.

as being part of the old law which was done away with…

they rationalize the New Testament verses that deal with divorce, bankruptcy, (stealing), obesity/gluttony, roles of women etc…they will go into long diatribes using cross references of many verses to support their point, and say we cannot take the one verse literal, but have to study the entire law, original texts, customs of the times, etc.. to properly understand the verse.

But, on homosexuality..they take the verses literal…and say that is what the Bible says…

Isn’t this a double standard to rationalize the verses that apply to your own life…but, then take others in their literal interpretation?

was it difficult to do? whats the process. were there any roadblcoks? did u need a lawyer?? thanks !

What is the law on bankruptcy and can some file for it twice? My mother has a lot of debts and my father filed for bankruptcy when they were married but they arent anymore. Can she file for it again?? I need to know as much as information as possible about this subject. The creditors are annoying me with their phone calls!!

I am looking to start my own private consultation business as far as Providing info on Bankruptcies, divorce/child support modifications, wills/trust,citizenship, expungements, etc. My business would mainly be explaining how to fill out paper and what the process will be. I know that you can do this line of work as a Paralegal but I want to take it a step further, what would be the best educational route to pursue my goal?

Thank you for your time!

Ok I did really intend to pay him, I just wanted to use the credit. Now he is threatening to sue me for it. Does bankruptcy laws cover this?

He accepted a check that was bad and asked me how I was going to cover the check. I told him I dont have any money that is why I wrote a check. He should have known better than to take a check from me.