Bankrupcy or foreclosure?
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Answer:
I'm assuming that since you mentioned forclosure that there is a mortgage of some sort on the property. If so then you've most likely been required to have an insurance policy on the property.
Typically most condo insurance policies will have some coverage covering the interior structure (and los assessments, and liability, plus belongings, etc). If you have such a policy contact your agent and find out whats covered. And if you do have a policy and it's not covered it could become an Errors and Ommisions claim against the agent if for example the agency sold several hundred condo policies and most if not all had that coverage but your's didn't.
That being said, you might want to consider forking up, or finding that 10 grand somehow, before you decide to let it forclose or declare bankruptcy. It's going to suck either way, and both will ding the credit in a big way, it's just a question which will be worse and for how long.
I'd probably do the forclosure over the bancruptcy.
~Crighton
Ps - that 10 grand will count as an uninsured loss on next years tax deduction.
Bankruptcy should work out OK. You can have decent credit afterwords.
Dont do bankrupcy that will ruin your credit rating.. Foreclosure might be better.. But im no expert in this field and I am sorry this happened to you.. Sounds like the insurance isnt wanting to cooperate.. like they are giving you a run around. Sue the bastards.. sounds like you have a good claim to me. Sorry so sorry that you went through this awlful time.. Luck to you.Sincerely.. Kitty
Foreclosure is just as bad as bankruptcy on your credit report. If you can not sell for at least what you owe, see a bankruptcy lawyer (first consultations should be free) and see if they advise a chapter 7 of chapter 13. Depends on if you want to keep the property really or not.
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