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LYC (just need to rant and whine a little) Our house is now priced at 159,900. We owe 197,000-ish. We have only had 4 people come and look at it

Posted by sycor Jul 18 '11, 11:38

since we put it on the market back in February.

I'm seriously considering just letting them foreclose on the property. I know it would be worse for our credit but at this point, I'm afraid the mortgage company will not accept any short sale offer we get because of the distance between what we owe and what we will be offered. So, a free place to stay (we would stay until we had to vacate) would help us pay off other bills. Or save for our possible future seperation. It's just very frustrating and stressful trying figure out what to do and how to pay bills while trying to do things together to spend time together and save the marraige.

Ugh.

Responses:

i'm assuming you're not able to make your monthly payments? we're stuck in a house that's worth way less than what my husband bought it for and yeah - kare Jul 18, 11:48 10
- If we do separate, neither of us can afford the house on our own. so this is sort of a step one by getting rid of it, but in getting rid of it money - sycor Jul 18, 11:57
- I would imagine they wouldn't bother suing someone who doesn't have money? -- nm - loosilu Jul 18, 11:49 5
  - what about in 5, 10 years? it just seems like something that the banks might be able to come back and legally claim somewhere down the line. - kare Jul 18, 11:52 4
    - The American people gave the banking industry how much money in bailout? And I can't get some help in return? - sycor Jul 18, 11:54 1
      - oh i totally agree. i just can't get my brain around the idea of being able to truly walk away. -- nm - kare Jul 18, 11:59
    - statute of limitations? I honestly don't know. -- nm - loosilu Jul 18, 11:54
    - usually there's a three-year(ish) statute of limitations for bringing civil actions -- nm - moles Jul 18, 11:53
- To answer one of your questions, they don't totally get away scot-free, as their credit will be hurt badly for ~7 years. -- nm - Don Homer Jul 18, 11:49 2
  - well yeah. but scot-free as in just being able to walk away from a 50k, 100k or more debt? -- nm - kare Jul 18, 11:50 1
    - there are federal and state tax implications as well -- nm - tRuMaN Jul 18, 11:51
Is renting it an option? -- nm - Dano Jul 18, 11:42 1
- not really. monthly payment is $1,700. Appts are like $1,000 for a really nice one. -- nm - sycor Jul 18, 11:44
Why are you moving? If you can't afford the current mortgage payment is the bank willing to work out - TWuG Jul 18, 11:40 3
- We can afford it. Barely. We just can't make headway on other debt. And our mortgage is with a "handling company" not a bank (it got sold). So our - sycor Jul 18, 11:43 2
  - This sounds like a sucky situation all around. Is bankruptcy an option? -- nm - TWuG Jul 18, 11:48 1
    - I would really rather take it that far. Bankruptcy is much worse than just foreclosing. -- nm - sycor Jul 18, 11:55
nothing brings an estranged couple together like arson. -- nm - TFox Jul 18, 11:40 2
- believe me, I've thought about it. But I think our HOA specifies we have to rebuild if it burns. -- nm - sycor Jul 18, 11:45 1
  - Bery's head just exploded and he doesn't know why - nmbsycor - Pippy Jul 18, 11:48
try for a short sale first, I think. -- nm - loosilu Jul 18, 11:40 3
- so just continue on status quo. Yeah, this is what we will likely do, it's just frustrating. -- nm - sycor Jul 18, 11:41 2
  - do any government programs cover you? -- nm - Max Jul 18, 11:51 1
    - young, employeed, non-minority couple. not a chance. At least not that we've been able to find. -- nm - sycor Jul 18, 11:53

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LYC (just need to rant and whine a little) Our house is now priced at 159,900. We owe 197,000-ish. We have only had 4 people come and look at it

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