Question for bankruptcy

Question

I have three houses,I only can afford two of them,if I give up one of them to bank,how will it hurt my credit?is that called bankruptcy?I can not sell it since its value drop down,I will loss $20,000,I can not pay that.

can anybody help?

Answer 1

Dude try to refinace wit primerica maybe they will help contact me if u need help

Answer 2

No, that is not a bankruptcy. But, letting the house go back to the bank will indeed hurt your credit. You should contact the bank regarding a short sale. In some cases, the short sale will bring enough to pay off the loan. In the long run, letting one house go back to the bank would be better for your credit than a bankruptcy.

A bankruptcy is a legal proceeding that uses whatever assets you have to pay your debts, and then frees you from debts that are left. If you went through with a bankruptcy, you would only be able to keep the house that is your primary residence, and you would need to liquidate other assets to pay the debts.