[laurasindoni]

judgement on foreclosure? Hello, I have a condo that was my primary residence that I rented out when I got married and then purchased my home with my now wife. We live in Massachusetts with 4 kids. My Condo was an interest only arm loan with no equity, I lost several tenants, lost my job and now have a job making much less. I had to stop paying on the condo when I lost my job and I tried to short sale it with no success. It is schedule for a foreclosure auction. If the bank comes up with a deficiency judgement, how is that calculated? I owe $290k. If they sell it for only $150k, is the deficiency judgement for $140K? I will not be able to pay that back. I will end up having to file chapter 13 bankruptcy, I don't think I qualify for chapter 7. this condo is not in my wife's name, but will they take her income into consideration if I file bankruptcy? If so, it will have to be chapter 13 bankruptcy. If I file chapter 13, how do they determine what amount I pay back? I can not pay $140k, how much of that will they make me pay? We have four kids and our primary home to pay for. Help me to understand this all. Thank you.

[Derrick S]

You need to seek out the advice of a Bankruptcy Attorney. Don't rely on the opinions on this forum to cover your A$$. Bankruptcy laws are finite and vary in some states. There may be a referral service for low to no cost advice in your state too. A lot of people are in your shoes these days so don't feel bad. The link below covers your state.