Legal Question in Bankruptcy in Virginia

Forclosure Bankruptcy

I own a house in VA. In 2008 I bought an investment property in NC with a friend who put 40K down but had bad credit SO we used MY

GOOD CREDIT for an intrest only loan of $322K. Then my ''friend'' lost his job, wife, & house and DISAPPEARED nowhere to be found!! I'm stuck with a note that I CAN'T pay and will have to default. I know I'm in deep SHIT & am lost. I have the property listed but nothing is moving. I tried to work with the bank for a ''Deed in Lieu'' but they said the property is ONLY worth 200K now. Forclose? File Bankruptcy? If I get 200K then I still owe 122K. I'M AFRAID THE BANK WILL COME AFTER MY HOME. (Both loans are with the same bank) I'm not even sure what type of lawyer I need.


Asked on 1/13/09, 11:04 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Forclosure Bankruptcy

You should speak with a bankruptcy lawyer, although bankruptcy may or may not be your best option. The lender may or may not pursue the deficiency. The fact that the same bank services both loans does not matter.

We practice bankruptcy law throughout Virginia and would be pleased to discuss this matter with you.

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Answered on 1/18/09, 3:25 am


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