Posted on: 28th Mar, 2010 11:40 am
We live in GA and my husband is transferring with his job to IN. We only have a month (one month) before we have to be there. Problem is we owe $95K left on our house and the market value now is $40-$50K! We're so upside down. I have no idea what to do. We have pretty much perfect credit. Have done everything right that we were suppose to do. Never lived above our means, etc. Have never missed a payment...never even been late! But there is no way we can pay our mortgage here in GA AND pay for a house in IN in one month.
We have the house on the market for our pay-off price but am 99% sure it won't sell for that price. And definitely not in a month. Foreclosures are so abundant around here it's crazy. Renting is an option we feel is unacceptable. As we have no one here to help care for the house, maintenance, etc and really....if we're $50K upside down on it we don't want to put anymore more money into it and it's going to need a new roof and air conditioning system soon, etc.
We have an appt with a Bankruptcy lawyer but is there someone we can speak to that specializes in these house problems specifically?
Ah...I'm just so stressed. What are our options?
We have the house on the market for our pay-off price but am 99% sure it won't sell for that price. And definitely not in a month. Foreclosures are so abundant around here it's crazy. Renting is an option we feel is unacceptable. As we have no one here to help care for the house, maintenance, etc and really....if we're $50K upside down on it we don't want to put anymore more money into it and it's going to need a new roof and air conditioning system soon, etc.
We have an appt with a Bankruptcy lawyer but is there someone we can speak to that specializes in these house problems specifically?
Ah...I'm just so stressed. What are our options?
hi tlsenart,
filing bankruptcy is not a good option in my opinion. if you want to get rid of the property, then you can apply for a deed in lieu of foreclosure. if your lender accepts your offer, you would be able to sell off the property and won't be responsible for the deficient amount. however, the negative effects would be similar to a foreclosure. your score would go down by 250 points and you won't be able to get a mortgage for the next 3-4 years.
thanks
filing bankruptcy is not a good option in my opinion. if you want to get rid of the property, then you can apply for a deed in lieu of foreclosure. if your lender accepts your offer, you would be able to sell off the property and won't be responsible for the deficient amount. however, the negative effects would be similar to a foreclosure. your score would go down by 250 points and you won't be able to get a mortgage for the next 3-4 years.
thanks