short sale or just bankruptcy?

[lalis1976_att_net]

Bought a house almost 4 yrs ago $340,000, went into loan modification and I believe it was accepted, payment went from $2600 to $1600 and $1900 by the fifth year, the situation now is that the property is only worth about $130,000 so even though the payment is not too bad right now, we are more than $200,000 so it does not make sense as a good investment it will take us for ever to at least break even, We need some knowledgeable opinions before we decide what to do. Should we do a bankruptcy? and after that how long will it be before we can again buy a home for our family?
Thanks

[madynlaneylou]

I process foreclosures all day. A bankruptcy is not a bad option, but it will remain on your credit for 7 years, and if you've had a hard time with this mortgage it may be tough to get another mortgage years down the road. You could also try to stay in your home, because the housing market is going to come back.....one day. If the house is really your only debt, I would check with the bank to see if they would approve you for a short sale, before you jump to bankruptcy.

[Helen_Peter]

I live in the US and i really have never seen goodness shown to me this
much in my life as i am a struggling mum with three kids and i have been going
through really rough times in my life and my name is Helen
Peters and in all this hard times, a worse incident occurred in my life as i
lost my job which was my only means of survival and things became really bad as
i had bills to pay and my last son suffered a knee injury incurred when he fell
from a tree house and the doctors informed me that he needed a surgical
operation for his knee so he could walk again and at this point, life was
useless to me as i have no family and no one to run to and each night, i will
sit down and cry till the break of dun until one day, i read an advert on yahoo
answers of man that stated that he could help people in my shoes with loans and
in my desperate situation, i had no choice but i had to try and so shocking and
surprising, it was like an impossibility becoming a reality, i got a loan of
$75,000 USD even with my bad credit within 48 hours and my sons surgery was done
and thank GOD it was successful and now, i am okay and living in comfort with my
kids and i said to my self, i have never ever seen this kind of wonder in life
and i decided i will tell it to the whole wild world and i need every one to
thank GOD for Mr. Lam Lee, the man GOD used to rescue me and my family
even when all hope had been lost and gone and i will say to everyone, no matter
how dark and sinful the world is today, there are still GOD fearing and reliable
people on earth and if you are in my former situation or require a loan
legitimately, i will advice you contact this loan lender and you can reach him
via (lamloanfirm1982@yahoo.com.sg) ( lamloanfirmintl@live.com)
and i want you all to pray for this man for me

[clarke_william]

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NAME:............................
COUNTRY:.........................
PHONE…………………….
LOAN AMOUNT NEEDED.....................
send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world to honest people, so if you are honest apply for the loan now at clarkeloanfirm88@yahoo.com or clarkeloanfirm@gmail.com +234-816-928-4594

[Lam_Lee]

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I am Mr Lam Lee the C.E.O of Lam Loan Firm. A certified, reputable, legitimate & an accredited private lender.
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I shall await your response at your earliest convenience.

Sincerely,
Mr Lam Lee (C.E.O)
contact me on my Email: lamloanfirm1982@yahoo.com.sg
LAMLOANFIRMINTL@LIVE.COM

[Nina_Leo]

Hi, I am Mrs Nina Leo I lived in Canada with my son name Jameson and my aged mother. Sometime last year my ex husband left me to get married to another woman in United States living me all alone to take care of myself and the kid includeding the bills, 2 months ago I was in search for a loan of $75,000, as i was running out of money to meet up things for my family and I was scammed $6,500 and I decided not to involve my self in such business again, finally the Managing Director of(CLARKE LOAN FIRM) managed by Mr. CLARKE WILLIAM Due to my personality and the fact that i needed money to fix things right. I made a trial and most grateful am I today; I was given a loan of $80,000 by this great firm. If you are truly in need of a genuine loan or financial assistance and you don’t want to be scam knowing that you can be trusted and reliable, of paying back at the due time of the funds I will advice you to, contact them today via email: clarkeloanfirm88@yahoo.com or clarkeloanfirm@gmail.com I am feed up of this scammers and what they are doing to people on the internet concerning loan issue and i promised not to keep this to myself, i have to share it with everyone that i can reach out to....Remain blessed.

[Lizzy_Jones]

HI, MY NAME IS LIZZY JONES I SAW YOUR QUESTION IN YAHOO ANSWERS.I DECIDED TO REFER ANY BODY WHO IS IN NEED OF LOAN TO THIS GOD FEARING MAN BECAUSE I HAVE BEEN SCAMMED TWICE BY THIS FAKE LENDERS. WHEN I HAVE BAD CREDIT IS THIS MAN THAT GAVE ME $80,000. YOU CAN CONTACT THEM VIA EMAIL BLAKEDOWSONLOANAGENCY@YAHOO.COM.AU OR BLAKEDOWSONLOANAGENCY@LIVE.COM TELL HIM LIZZY JONES DIRECTED YOU TO HIM WHO HE GAVE LOAN TO.GOOD LUCK THANKS LIZZY JONES