My husband just recently lost his very well paying job. His new job pays half of what he used to make, and our budget was tight before he changed jobs. We simply have no way of affording the payment anymore, and we have no savings. We are close to being in default on our mortgage. I do not see any way to keep the house even long enough to sell it. It also has damages from a backup of the septic (which was installed improperly) and needs new carpet and baseboards in half of the house. We do not have the resources to fix this, and we have little to no equity in the house. It may even be upside down. Can we simply give the house back to the bank? Are we responsible for the difference if the house does not sell for what we owe? If so, when do we pay that balance, and how is that handled if we do not have it upfront? Do they ganish wages, seize assets, etc? Please help! Thanks in advance.
2007-11-11
05:41:09
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3 answers
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asked by
Linda C
1
in
Renting & Real Estate