How will foreclosure/short sale or bankrupcy affect chances?

[MAJICJOHNSON]

Just got word that I am the lucky winner of a divorce. Property in my area is down 20-30% So I am going to have sell my house for a loss or pay someone to buy it? Not to mention alimony etc? How will brankrupcy/shortsale affect an airline career. I have job now. But, If I have to go some where else one day am I totally hosed or what?

 

[MJ42]

Most of us have been in similar situations at one point. BK probably will not affect your career but I'd recommend avoid it at all costs. It makes life so much easier when you start life over as a single person. I dont know your financial situation but I bet it's not as bad as you suspect at the moment. Life goes on, you'll come out of this just fine. Don't make rushed decisions based on emotion or pressure, do what is in YOUR best interest.

 

[Filkster]

You mean to tell me there are pilot's at the majors that have not been divorced? Such is life.
RF

Just got word that I am the lucky winner of a divorce. Property in my area is down 20-30% So I am going to have sell my house for a loss or pay someone to buy it? Not to mention alimony etc? How will brankrupcy/shortsale affect an airline career. I have job now. But, If I have to go some where else one day am I totally hosed or what?

 

[50Pesos]

Dude I know your pain all to well. Take care of your self, and remeber that they dont have liver transplants perfected yet so keep a little of it left for later on. Reguardless of what your flying you a REAL pilot now. You rock star of the skies.

 

[FlyFastLiveSlow]

IF you are asked about it at an interview, explain what happened/why you did it. It won't affect your chances of being hired.

 

[The Victors]

Know what you're talking about. Have a house in Florida that has dropped 30% in value. I've been told to avoid foreclosure at all cost. I'm currently working on the short sale method. Call your lender. They will help you. They are invested in your house too. The one rub with the short sale is that the lender sends you a 1099 for the difference between the sales price and the amount of the mortgage after the house is sold.

 

[The Victors]

and good luck, btw. My house has been on the market for 2 years. sucks

 

[viper548]

Didn't anyone ever tell you if it flies, floats, or fukcs, it's cheaper to rent than to own?

Sorry to hear about your divorce. If you have to default, be sure to keep a few credit cards in YOUR NAME ONLY and not default on those, you'll need them to help re-build your credit.

 

[Chairman]

Didn't anyone ever tell you if it flies, floats, or fukcs, it's cheaper to rent than to own?
.

I always add or roll's

 

[yournextFO]

Keep in mind that with the bankruptcy reforms passed a year or two ago that it's a lot harder now to discharge debt, particularly credit cards.

 

[rightrudder]

Know what you're talking about. Have a house in Florida that has dropped 30% in value. I've been told to avoid foreclosure at all cost. I'm currently working on the short sale method. Call your lender. They will help you. They are invested in your house too. The one rub with the short sale is that the lender sends you a 1099 for the difference between the sales price and the amount of the mortgage after the house is sold.

Congress passed legislation at the end of 2007 so that short sale gap is no longer taxed.

 

[russtgol]

Just got word that I am the lucky winner of a divorce. Property in my area is down 20-30% So I am going to have sell my house for a loss or pay someone to buy it? Not to mention alimony etc? How will brankrupcy/shortsale affect an airline career. I have job now. But, If I have to go some where else one day am I totally hosed or what?

Dude its cheaper if you keep her!!!

 

[The Victors]

Congress passed legislation at the end of 2007 so that short sale gap is no longer taxed.

sweet. Thanks for the info.

 

[CALDC9]

Just got word that I am the lucky winner of a divorce. Property in my area is down 20-30% So I am going to have sell my house for a loss or pay someone to buy it? Not to mention alimony etc? How will brankrupcy/shortsale affect an airline career. I have job now. But, If I have to go some where else one day am I totally hosed or what?

Sorry to hear, but life does go on. Short sale should
have no negative effect on your credit rating. Also
you can petition to have your lender take the deed over. Talk to a lawyer on the last one.
Best Wishes

 

[Freight Dog]

One other thing that you can do to avoid bankruptcy is settle your debts.

Sure, after 2005 Bankruptcy Reform, it's gotten tougher to discharge your credit card debt, but it's not impossible. At best for the banks, they'll get 5 years worth of payments under Chapter 13. Or they can settle with you for cents on a dollar to settle it now, but you'll have to have the money ready to go. I don't know if that's an option for you, but I'd go the settlement route instead of bankruptcy.