Posted on: 18th Aug, 2010 09:09 am
My husband and I got married 2 years ago. We are trying to sell his house. It has been on the market for 15 months.
We can afford both mortgages, but things are very difficult, and getting very frustrating. We have a son in college now.
We haven't missed any payments, because we can make them. We have both had credit issues in the past, and have worked hard to improve our credit and keep our nose clean.
We are so tempted to just quit paying his mortgage and let the bank have it, but we don't want the foreclosure on his credit. His house is in a depressed area of town, and we keep dropping the price.
He refinanced about 8 years ago, so he owes more than it is worth right now in this terrible market, in that neighborhood, which I know, is all it's worth.
He owes $92,000 right now, and we could probably sell it for $70,000 easily. Right now we are asking $99,700.
We are so frustrated. We don't know what to do.
We know we may have to do a short sale. We have already talked to the mortgage company mitigation department. But have to get a contract first, and noone's even looking at it.
Any other ideas?
We can afford both mortgages, but things are very difficult, and getting very frustrating. We have a son in college now.
We haven't missed any payments, because we can make them. We have both had credit issues in the past, and have worked hard to improve our credit and keep our nose clean.
We are so tempted to just quit paying his mortgage and let the bank have it, but we don't want the foreclosure on his credit. His house is in a depressed area of town, and we keep dropping the price.
He refinanced about 8 years ago, so he owes more than it is worth right now in this terrible market, in that neighborhood, which I know, is all it's worth.
He owes $92,000 right now, and we could probably sell it for $70,000 easily. Right now we are asking $99,700.
We are so frustrated. We don't know what to do.
We know we may have to do a short sale. We have already talked to the mortgage company mitigation department. But have to get a contract first, and noone's even looking at it.
Any other ideas?
I would contact your bank and ask them about a short sale.