Posted on: 22nd Feb, 2011 08:03 am
I live in Eastpointe, MI and have owned my home for 10 years and have never missed a payment. My overall credit score is excellent. My fiancé has owned his home for 20 years. Our intention is to move into his home. I owe $102,000 on my home and the appraisal is $49,000. We cannot afford to pay for both homes, nor can we afford to sell at $53,000 loss. Neither of us have assets to cover the difference. We’d like to know what our options are.
Since I am not in financial trouble, it doesn’t sound like either bankruptcy or a deed-in-lieu is possible. We are not interested in renting the house out. I sincerely do not want to stop paying my mortgage, and I don’t think my credit union will consider a short-sale (also, we don’t want to be liable for a deficiency judgment in MI).
Thank you,
Teresa
Since I am not in financial trouble, it doesn’t sound like either bankruptcy or a deed-in-lieu is possible. We are not interested in renting the house out. I sincerely do not want to stop paying my mortgage, and I don’t think my credit union will consider a short-sale (also, we don’t want to be liable for a deficiency judgment in MI).
Thank you,
Teresa
hi mfhtmw!
welcome to forums!
the option of bankruptcy might be possible for you but you won't be able to qualify for a deed in lieu of foreclosure if you don't have any financial hardship.you can apply for a short sale but it will be the discretion of the lender whether or not he will consider your request.
feel free to ask if you've further queries.
sussane
welcome to forums!
the option of bankruptcy might be possible for you but you won't be able to qualify for a deed in lieu of foreclosure if you don't have any financial hardship.you can apply for a short sale but it will be the discretion of the lender whether or not he will consider your request.
feel free to ask if you've further queries.
sussane