[gtmoore]

avoid paying on a deficiency judgment granted to your mortgage lender? This is a hypothetical situation; however, I wanted your thoughts…We owe $265k on our house in which we are significantly “under water”. The exact model of our house in our neighborhood just sold for $199k, which means we have at least $66k in negative equity. Maryland is a recourse state. If we spontaneously stopped paying on our mortgage and B of A foreclosed on our property and the judge granted a deficiency judgment to B of A for the $66k+ that we owed, what would prevent us from then declaring bankruptcy to avoid paying on the deficiency judgment? Am I correct in thinking that once they sell the house and the deficiency judgment is issued that this debt would be discharged just as credit card debt would be in bankruptcy proceedings?Again, this is all hypothetical. Just curious as I’m paying $2k per month for a house that is worth 2/3 of what I paid for it and it has me thinking a bit.

[Fifi Depue]

Check out whether the lender can get a deficiency judgement on purchase money or whether it is only on hard money.

[Jonie Backer]

When I lost my job last year we ended up maxxing the credit cards out to stay afloat whilst trying to find a new job.Because it as long is it did we basically found ourselves with more than 14000 in total debt and had to pay 4 different credit card bills every month and things we're getting out of hand.We went through all the options and spoke with a lot of people and concluded that consolidating the payments best way to go. We went to a well known debt company and they helped us get the payments right down into one easy monthly payment.Today I'm back to financial normality and aren't broke each month and we're all much more positive!This is their link to the company I used smartreducedebtworld.tk - check them out!Good luck.