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    Default Liabilities when Home is 60k Under Water

    State of: Florida

    I am about to stop payments on my mortgage. (Maintaining 1 baby, other on the way and two disabled parents) My mortgage lender had already reduced my interest rate for 6 months before my parents became disabled and my new pregnancy)

    I estimate I owe at least 60K more than what the house is worth.

    My main concerns are:

    Liability for deficiency, although I plan to negitiate a short sale/deed in lieu. But if foreclosure I have to pay 60k out of pocket?

    Tax liability, when I took this loan I used the cash out to pay out debt not to buy or improve the house. Taxes on 60k are much higher that any moneys I can save up during foreclosure rent-free months.

    Stress caused by foreclosure, shame and having to show up at hearings.
    I am not elegible fot chapter 7. I make "too much" money.

    Inability to rent on a decent place with decent schools after a foreclosure.

    What should I do?!

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    Default Re: Liabilities when Home is 60k Under Water


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