“Dear Steve,
I live in New Jersey, have been trying to sell my home for 2 years, but can’t compete with other townhomes in my neighborhood due to low prices on foreclosures. I made a big mistake buying this house, it’s more than I can afford. I realized that 2 months after I moved in, and put it on the market. But, it hasn’t sold. I’m underwater for about 45-50k.
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If I walk away from my house and surrender it to foreclose, if the mortgage company comes after me for deficiency… if I declare bankruptcy, can they take my furniture and such? I don’t own a lot, just the basics like sofa and beds.
Reine”
Dear Reine,
Nobody wants your used furniture and as long as it is not financed, it’s yours to keep. I’ve also had people contact me and worry if they default if creditors will take their sheets, utensils, or dog. In other countries that might be a worry but not in America.
If you have not found one yet, click here to find a local bankruptcy attorney and go file so you can start your life over right now.
