Posted on: 17th Jan, 2011 03:44 pm
1st is 112k, 2nd is 103k = 215K. Estimate value is 195k (20k negative). I can still make my payments on both but would like to move to another house as my family is growing. My wife has a sole prop and owes 300k - no collateral - (prop worth 200k) in which we have a renter pays full mortgage. I had a foreclosure on a sole prop 2 yrs ago. I have someone that will use his name/credit and is willing to have my family reside in the new house should I choose to do so. So basically, should I short sale, deed in lieu my house and deal with the small negative ? The wife's 2nd house has no collateral, I will just end up losing my down payment I placed a few yrs ago. What can the bank do to us on the 2nd house that has no collateral? Is bankruptcy an option here ? I understand the adverse effects on my credit. Any advise would be greatly appreciated.