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chadwick
Dud?


Joined: 10 Feb 2010
Posts: 1
Location: Minnesota

no other choice?
PostPosted: Thu Feb 11, 2010 7:49 pm Reply with quoteBack to top

I am new here.... Here is my situation:

My wife died a year ago, I was layed-off shortly after that..... Our 30yr fixed loan is approx. $2,000 per month. The value/debt is underwater. I have not had any good employment prospects in over a year. I get UI benefits that allow me to "just get by" (without the mortgage). I kept up on the mortgage until I felt hopeless and was now being treated for depression. I will need to change careers, my field doesnt have a good outlook. I stopped payments in Nov 2009 - have been ignoring all the calls from big-brother. (4 months pymts missed currently)
I have one more year and my last child will be out of high school. I have no desire to own again.....we built 4 houses in our past 27 years. I look forward to renting - I cant retire quite yet, I am only 53. In my situation, I think that "walking away" is my best option. My fico score is over 800 - it is a shame.....but who said life was fair? I am expecting to be served any day now.....did I read in a prior post that it would be to my advantage to avoid being personally served? Also, does it complicate matters that the loan is a joint document in both our names..... and now my wife has died....? I will most likely eventually need to take a job for 30K when I have been spoiled with 75 to 100K the last decade. I would appreciate any advice with my situation. Are my assets at risk? I read that there are limits as to what and how much can be taken (worst case). My lender is "one of the biggest" - I doubt if they will even pursue matters considering how swamped they are. Comments.....?????

Chad
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frankensense
Dyn-o-mite!


Joined: 11 Sep 2009
Posts: 204

Re: People that walk away from their house
PostPosted: Thu Feb 11, 2010 8:34 pm Reply with quoteBack to top

You should short sale your home for a number of reasons. First, have a realtor list your home. Let your lender know you are doing this. They will send your realtor a short sale packet. Find out if your state has a recourse for lenders. Meaning if there is a deficiency after the sale, can they come after you. If they can, try to get them to include in the accepted offer that all liens will be released with no recourse. If that fails, sell it anyways then file for BK. This process will take a minmum of 6 moths so sit tight. Make sure you get a realtor that knows what they are doing related to short sales. VERY IMPORTANT!!
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: People that walk away from their house
PostPosted: Thu Feb 11, 2010 9:19 pm Reply with quoteBack to top

frankensense wrote:
You should short sale your home for a number of reasons. First, have a realtor list your home. Let your lender know you are doing this. They will send your realtor a short sale packet. Find out if your state has a recourse for lenders. Meaning if there is a deficiency after the sale, can they come after you. If they can, try to get them to include in the accepted offer that all liens will be released with no recourse. If that fails, sell it anyways then file for BK. This process will take a minmum of 6 moths so sit tight. Make sure you get a realtor that knows what they are doing related to short sales. VERY IMPORTANT!!


This is excellent advice, imho. The
only thing I would add, do it ASAP.
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