Legal Question in Bankruptcy in Maryland

New home mortgage

I have new home construction loan that will be converted to a mortgage when the house is completed. I am currently unemployed, not collecting unemployment, and will probably not find another job that pays as well. I have some credit card debt (less than $3000) and a car loan ($360 a month). The mortgage will be approx. $1200, monthly. I could really use some advise. I borrowed against my 401k for settlement on the house loan and have used the remainder of the 401k loan to live on for the past few months.

Thanks for anything you may suggest.


Asked on 7/19/00, 9:10 pm

1 Answer from Attorneys
Olivier Long Law Office of Olivier Denier Long

Re: New home mortgage

Looks like your best option is to flip the house. Without income to make the mortgage payments you are unlikely to hold onto the property -- regardless of any bankruptcy.

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Answered on 9/11/00, 3:30 pm


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