Hi there, I'm struggling now with what my next move needs to be and I really need the wisdom of this forum... I own a house that I bought before my marriage. It is not our primary residence. I have been unable to make payments due to unemployment following baby. There's no way I can catch up. The house was previously occupied by tenants who had a lease/purchase that they reneged on (long story). It has been vacant and on the market with no nibbles. We keep dropping the price, adding perks but no takers yet. I have not been able to make a payment since January (mng Feb, March and April are owed). The rental market is equally dismal, so not much hope of finding a tenant. My cards are maxed out but not late. We have no more savings to pull from, and hubby;s cards are also about maxed. The mortgage company (WAMU) sent me a cert letter threatening foreclosure. Unless we get a miracle offer in the next week or so, I think it is inevitable that I will lose the house. The house is appraising at more than I owe on 1st and 2nd mortgages because I did some improvements, but I don't know if they'd recapture the value at acution and I don't want to be responsible for a deficiency payment since I don't have any money. The mortgages are only in my name since I was not married when I bought the property. I don't want this to mess up hubby's credit, since his is still pretty good and he's now our only breadwinner. Should I let it go into foreclosure, or declare bankruptcy, or try a deed in lieu? I'm worried sick and want to to the smart and responsible thing here. Thanks Poochie
Well, BK and Foreclosure are bad--I'm not sure how a Deed in Lieu would show up on your credit report. Are your 1st and 2nd with the same mortgage company?
Poochie, What city and state do you live in? There are probably real estate investors in your area that could take a look at purchasing your property. If you need help finding someone, I may be able to help you by referring you to someone in my investor group. Email me at jkb1118@msn.com if you need any help. Mallemall
About how much equity do you have? In other words, do you have a rock bottom price that would make it appealing to investors, and get you out with -0-?
