My wife left me with the house and the mortgage, and all the bills. I can't afford it, even if I stick with the necessities and ramen noodles. I want to get out of the house. My wife (whom I'm divorcing) doesn't want the house. Should I take a chance and let it foreclose, or is there anything I can do where my credit doesn't get hurt all that bad? (I realize it's going to take a beating)
2007-09-10 05:18:02 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
My worry is that it's coming up on winter, and houses don't sell in the winter. I have no savings to work with to hold me over, and if I sell I will have penalties, I've only had this house a year. I can't even make this months payment let alone 6 more of them.
2007-09-10 05:26:30 · update #1
The first thing I would do is call my mortgage company and tell them you situation, ask them for some help. Banks don't want the houses back, they lose money that way, and will usually work with you as long as you don't wait too long to act.
Then I would put it on the market regardless of the fact that it is total crap right now...and I would put an ad out for roommates - as many necessary to make the payment, just tell them that you are trying to sell, and if you do, you will help find them somewhere else to live.
At least you will have tried to sell the house and make the payments in the mean time. If it forecloses after that, then you have done all you can.
2007-09-10 06:47:25 · answer #1 · answered by SisterSue 6 · 0⤊ 0⤋
Foreclosure is bad all the way around.
Get to a divorce lawyer, the first 1 hour consultation is free. Ask about the house and what the best way to go is. This could be a high powered mistake costing you for years if you don't do it right.
2007-09-10 05:24:26 · answer #2 · answered by Elaine M 7 · 0⤊ 0⤋
Sell the house. If necessary, sell for less than it is worth.
In order to make the payments due before you sell, refinance, borrow money, or rent it out.
You will lose more in a foreclosure than selling below market in order to sell at a difficult time of year.
2007-09-10 06:47:09 · answer #3 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Can you sell the house. Even if you let it go for the amount of the loan, it will save your credit.
2007-09-10 05:23:41 · answer #4 · answered by Tim 7 · 0⤊ 0⤋
Try to avoid foreclosure if at all possible try to sell for what you owe or rent it out and move into a cheaper place until you can get things back together
2007-09-10 05:39:34 · answer #5 · answered by Rick K 3 · 0⤊ 0⤋
Sell it. Sell it now.
2007-09-10 05:22:48 · answer #6 · answered by iocook 2 · 0⤊ 0⤋