Report Abuse

Thanks everyone for your replies. The information is helpful. Yes, indeed, my mortgage is held separately through a third party company, Chicago Title. No doubt Welk does it that way so they are not tied directly to the leveraged properties? Looks like no matter what I'll end up paying $3K or $4K to get out of this. If I abandon it and then it gets foreclosed, I'll owe the IRS at some point. My reluctance to declare bankruptcy is that the rest of my creditors for other debts have all (even if unwillingly) agreed to negotiate with me and settle reduced payoffs. The only one that doesn't want to seem to compromise is the TS. The negative credit responses for all these should only stay on my credit for 7 years whereas the bankruptcy will stay 10. Does anyone know if a TS foreclosure would stay on your report longer than any other negative hit?