I finalized bk in 2009 in california. I did not reaffirm 1st mortgage BUT reaffirmed the 2nd. I am considering a short sale or deed in lieu of foreclosure and been current on both mortgages since bk. I have put my condo on the market as a short sale and am wondering if that is the best route to take vs deed in lieu of foreclosure. Also, I am concerned about the debt I reaffirmed of $60k on the second (which was refinanced since the purchase date of the property prior to bk) if I am at all liable to pay that debt after doing short sale or deed in lieu of foreclosure. I am concerned that I am making an error doing short sale vs deed in lieu of foreclosure in regard to that 2nd. Please advise. thank you!!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.