My mom is in debt and we are trying to help her out. She owes more than her house is worth. If she sold her house for it's current value she would still be $43K in debt. Her monthly income is $1000 less than she makes per month. Should we have her file bankruptsy or foreclose on her house? What is a short sale? We will probably have to buy a less expensive house and have her pay rent but how do we get rid of the house she currently has? HELP!
2007-11-28
07:31:35
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5 answers
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asked by
Serendipity
1
in
Business & Finance
➔ Renting & Real Estate
She owes $22K in outstanding credit card debt and then $227,500 on the first mortgage and $30K on a second for a total of $279,500. If she sold the house for what the value is right now ($236,500) she would owe $43K+ closing costs, realtor fees etc... Her monthly payments on the home (the first, second and community dues are WAY over what she can afford, over $2K. She cannot afford to stay in this house.
2007-11-28
08:01:55 ·
update #1