Trying to avoid bankruptcy----mortgage advice
I have been divorced for 26 months. I have bought a condo almost 1 1/2 years ago. My ex lives in my house we have on the market for 289,000. I am paying maintenance, child support of $1500 towards my old house. Also, I am paying the additional $800 for mortgage for this house which my ex is suppose to pay back $800 for every month it doesn't sell. Well she owes me almost $21000. I now have about $20,000 in equity if my house sells at this price. I am close to bankruptcy right now. What can I do besides foreclose or do a short sale? Thanks by thenderson@bssd.net from Lees Summit, Missouri. Mar 4th 2011
Alexander K (alex@ogimb.com)
#400 ranked lender in California - 56 contributions
where is the property located? Alex 213-739-4332
Jim Costello (jimc@homemortgagelender.com)
#82 ranked lender in Florida - 22 contributions
A big question that I have is the mortgage behind on payments? If so, I believe your best option is to do a deed in lieu of foreclosure. This will get your name off of the property. I normally would recommend a short sale but in your situation you would need lots of cooperation from your ex to do this. A deed in lieu has the same effect on your credit as a short sale, plus it would give you peace of mind knowing that you are done with the property. You can buy another property in as little as 2 years with a deed in lieu on your credit. A short sale could drag on for many months. To do a deed in lieu, you contact your lender and tell them what you want to do. Your ex does not have to be a part of this decision. Best of luck.
Ask our community a question.
Get an answer
Related Questions
