Posted on: 15th Sep, 2010 12:51 pm
need help.
i am probably $40k underwater. have lived in a condo for 3 years, not alot of equity built up. my condo assoc. has levied $20k assessment w/ $8k due in 60 days.
*even if i could refinance to 3%, there is no way i can refinance enough to add $20k to my mortgage and pay my bills.
* i don't care to stay there. even if i could pay the bill i would have to stay 10 years just to break even.
* the house is in my name, but not my husbands (just married less than a year). currently 8 1/2 months pregnant.
* should my husband get a mortgage for another house and i file for bankruptcy after that? would going through foreclosure be better, and does either shield me from paying the assessment fee from my virginia condo?
* what about deed in lieu, should i try that?
i work hard and pay my bills and could stay in my condo if it wasn't for the assessment... now there is now way to pay the bills.
i'd love a fresh new start -not in a condo!
help please.
i am probably $40k underwater. have lived in a condo for 3 years, not alot of equity built up. my condo assoc. has levied $20k assessment w/ $8k due in 60 days.
*even if i could refinance to 3%, there is no way i can refinance enough to add $20k to my mortgage and pay my bills.
* i don't care to stay there. even if i could pay the bill i would have to stay 10 years just to break even.
* the house is in my name, but not my husbands (just married less than a year). currently 8 1/2 months pregnant.
* should my husband get a mortgage for another house and i file for bankruptcy after that? would going through foreclosure be better, and does either shield me from paying the assessment fee from my virginia condo?
* what about deed in lieu, should i try that?
i work hard and pay my bills and could stay in my condo if it wasn't for the assessment... now there is now way to pay the bills.
i'd love a fresh new start -not in a condo!
help please.
hi joescuba,
bankruptcy should be the last option that you should think about. in my opinion, you should first try out the options of short sale or deed in lieu of foreclosure. both the options are more or less the same. they will help you in selling off the property. in case of short sale, you will have to pay the deficient amount resulting from the sale but in case of deed in lieu of foreclosure, you won't have to do so. a short sale will reduce your credit score by 75-100 points whereas a deed in lieu of foreclosure will reduce your score by 250 points.
bankruptcy should be the last option that you should think about. in my opinion, you should first try out the options of short sale or deed in lieu of foreclosure. both the options are more or less the same. they will help you in selling off the property. in case of short sale, you will have to pay the deficient amount resulting from the sale but in case of deed in lieu of foreclosure, you won't have to do so. a short sale will reduce your credit score by 75-100 points whereas a deed in lieu of foreclosure will reduce your score by 250 points.