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we have stop paying our mortgage we are 3 months behind we have talked to the bank about a deed in lieu or forclosire we are thinking of moving to ca where we have family are only in come is ss pension and we have a ira. we have a part time job bus driving but that ends in june im 71 and spouse is 65
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You seem to be the perfect candidate for a chapter 7 bankruptcy. Do not sign a deed in lieu or allow the property to be foreclosed upon. Both of these have IRS tax ramifications, that treat deficiency between what you still owe on the mortgage and what the bank sold a house for, will be considered income for that taxable year. If you file chapter 7 bankruptcy, this. Any foreclosure proceedings and give you more time to be able to comfortably find a place you like and move without being rushed out or evicted by the bank.
I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
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Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave. Unit 2 Fall River, MA 02723 Office: 888-269-0688 FAX: 877-475-8147
Answered on Apr 08th, 2014 at 3:54 PM