Posted on: 22nd Oct, 2009 03:44 pm
:cry: My husband was transfered from Dayton to Mansfield OH 5 years ago from Delphi to GM. We bought a house in Mansfield 4 years ago. We kept our house in Dayton which is almost paid off and I continued to work some in Dayton {support} the last 5 years.In June we found out GM in Mansfield was closing so we put our house in Mansfield up for sale and I took a full time job in Dayton. In Nov. my husband is being transfered to Marion IN GM which is 3 hours awaay from Mansfield. We have had no luck selling our house in Mansfield.The town is small and the housing market here is really bad. GM was the last big thing here and many people are leaving. The house in Mansfield is beautiful but the payments are 1300 month. The house in Dayton is nice but is only worth about 60000. It is also in a poorer area of town. {Dayton is also a dying town} My husband makes good money and so do I{I'm an RN} Would the bank let us walk away from the house in Mansfield or do a short sell even though we good pay on it for a long time? Would they come after us for payment? Any thoughts on what we should do? The house in Mansfield is for sell at 155000 and is well worth it but the town has high unemployment. We only want to break even or at least not lose much.
Welcome guest,
If your property is foreclosed upon or if you go for a short sale, then you would be responsible for the balance amount resulting from the sale. If you are unable to pay off the deficient amount, then the lender would garnish your wages. You can apply for a deed in lieu of foreclosure. You should inform the lender that you want to go for it because you are leaving the town. If the lender is convinced and if he agrees to your request, then you won't be responsible for the deficient amount.
If your property is foreclosed upon or if you go for a short sale, then you would be responsible for the balance amount resulting from the sale. If you are unable to pay off the deficient amount, then the lender would garnish your wages. You can apply for a deed in lieu of foreclosure. You should inform the lender that you want to go for it because you are leaving the town. If the lender is convinced and if he agrees to your request, then you won't be responsible for the deficient amount.