What to do if divorced n left w/ 2k mtge bcause the house is on my name n I cant pay it, n wont sell quick?

Answer 1

If you are sure it won't sell quickly then you'll have to let the bank foreclose on it. That will lower your credit so before you do that you might want to try to sell. There is a book called, "How to Sell Your Home in 5 Days" that you might want to check out. The one I read is by William Effros. You can search the Internet too and find articles. I checked the book out at the library and it sounds like a good way to sell your house quickly. I haven't tried it yet though. My house isn't quite ready to sell. Anyway, try selling it and if you can't then let the bank foreclose. Then work on repairing your credit. Good luck.

Answer 2

I'd be curious about how your divorce attorney allowed you to be left in that condition, but on to your question.

First thing, TODAY, figure out if refinancing would be an option. It's possible that interest rates have come down since you took the mortgage, or you've been paying on it a few years, and you might well be able to reduce your payments by refinancing. If that isn't the case, you might look into "interest only" loans.

You want to be sure to understand the prepayment penalties, since you know you are going to sell soon. You also want to understand thoroughly "negative amortization" and how to avoid it with an interest only loan.

Don't put that off. Dig the well before you get thirsty. If you wait until they start foreclosure, the Buyer will probably know about it and you'll have to give them your equity just to avoid foreclosure.

Answer 3

Have you alerted the bank holding your mortage of your situation? Banks take a big hit when they foreclose on a property, it significantly reduces the property's value. Give the bank a call and be upfront and honest about your situation. Perhaps they can refinance you mortgage for you with a payment you can afford.

If that doesn't work another option is to file bankruptcy. Most of the time the courts will look and your finances and figure out a repayment plan that will allow you to keep your house.

Answer 4

Can you rent it out and live somewhere cheaper until it sells? thats what many people do.....