state : Florida
Loan 80/20
Primary residence :: 4 months behind
I am in the foreclosure process now. I haven't made a payment in 4 months and I am upsidedown on my mortgage ($100000). I have spoke with a lawyer and he said that I should file chapter 7 bk to avoid a def. Judgement or tax implications. I would like to do that as a last resort because I am a photographer and I have a lot of assets. My question is, is there any other options here in the sunshine state? I was thinking about the 1099-c. If I got them from both loans could and would I qualify for the morgage relief forgivness act? I have looked at the IRS and I'm not sure if both my loans would qualify? (mainly the heloc 20%) it is my primary residence and I bought the house with the same two loans and I didn't refinace? Also is there anway to make sure I get a 1099 on both if this is a way out (to avoid bk?) and what type of lawyer would you suggest I contact? Thanks so much!

