Mortgage Bankruptcy and immediately purchasing a smaller home with a cosigner?
I am recently divorced and left with two mortgages, credit card debt, student loans, a son to take care of, and no child support. If I can sell my house, I will be lucky to break even. I am considering bankruptcy and including my house to simply walk away and let the bank have the keys. I have a good job, but am so buried by debt right now I am living off credit cards. Currently all of my payments are current on the house and credit cards, but I can’t keep that up.
Understanding that bankruptcy does not include student loans, can anyone give me some advice on if this is the right thing to do? Additionally, would I then be able to purchase a small townhouse to move into with my son if my parents are willing to cosign the new mortgage with me?
Thanks for any suggestions!!!!
-there is no equity in my home between the two mortgages. Zero.
– I have a child support order, but am not getting a dime
– I have just deferred my student loans for 6 months