I am in a bind... My wife left me and I cannot afford my mortgage without her salary. She does not care if we default on the loan. I don't want to file for bankruptcy.
The house was built 2 years ago and is in perfect shape. It has been on the market for 2 months, but I haven't received any offers.
Do I have any alternatives to filing for bankruptcy?
Thanks for the help.
2006-12-12 06:11:17 · 5 answers · asked by In a bind... 1 in Business & Finance ➔ Other - Business & Finance
Do you have a realtor? I understand the housing market is bottoming out, maybe lowering the price of the house. If you just get back what you owe, sounds like you would be better off. At least you wouldn't have to file bankruptcy.
2006-12-12 06:16:20 · answer #1 · answered by Tater 3 · 0⤊ 0⤋
Contact your lender. Many will allow you to skip your payments for a certain period of time if you show them that you really are trying to sell your house. It's called "forebearance". The payments and interest are added to your payoff balance. Most reputable lenders don't want to foreclose, they just want their money.
If you've gotten no offers in two months, your price is too high. If you have to lower it enough to just break even, do it.
Bankruptcy is a last resort, and may not solve your problems. Before you consider it, consult an attorney. The laws were toughened up recently due to the large number of people who were taking advantage of what were perceived as lax regulations for bankruptcy and debt relief.
Lastly, do you and your wife hold title together? If you do, is she aware that if you lose the house in foreclosure, her credit will be destroyed along with yours?
Good luck to you.
2006-12-12 08:08:07 · answer #2 · answered by answermann 3 · 0⤊ 0⤋
There are always alternative. Can you sell the house for what you have in it? Or can you afford to sell it at a loss just to get rid of it. You need to talk to a GOOD real estate agent or financial adverser. Check out http://www.daveramsey.com/
2006-12-12 06:20:46 · answer #3 · answered by Sun and Sand 3 · 0⤊ 0⤋
I would contact an attorney. Alot of attorneys do still give a free consultation. Good luck.
2006-12-12 06:19:04 · answer #4 · answered by Sheila 6 · 0⤊ 0⤋
you could rent your home with an option to buy or just rent it out until you can sell it and you can use that as income as well.
2006-12-12 06:14:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋