we are thinking about letting our house go into foreclosure not because we cant pay it but because we arent able to sell it for the pay off and many other reasons. i know this is going to be a huge hit on our credit but at this point we see no other option and in the last few years our credit is shot anyways.
i was wondering how long does it take to get forclosed on and while it is in the process of forclosure after we move out do we still need to keep the lawn up and all that or is it the banks responsibility? can we do a deed in lue of forclosure? and what does that entail?
the house is worth 40,000$ we owe 75,000$ and even though we have a great rate 3.6% we are still paying 900$ a month and its fixed. its exactly a third of our income and after bills and everything we are barely scraping by. we have talked to realtors and they all say we wont get what we need and they wont list it for us. we have tried fsbo and also craigslist but nothing has happened. the house needs alot of work and with that payment we cant afford to fix it either and even then we wont get the pay off. any info would be great. we are ready for moving and for the huge inpact on our credit but we are at a loss as to what we can do. we have even talked to the bank about refinancing but they wont budge because it isnt above a 1/3 of our income. note our payment when we bought the house was 640$ but because of escrow of taxes the payment went up.
Asked by Anonymous at 12:08 PM on Mar. 1, 2011 in Money & Work
Answer by FluffyMamaBunny at 12:25 PM on Mar. 1, 2011
Answer by RentaMom at 12:24 PM on Mar. 1, 2011
Answer by ImaginationMama at 12:39 PM on Mar. 1, 2011
Answer by ImaginationMama at 1:48 PM on Mar. 1, 2011
Answer by ImaginationMama at 4:27 PM on Mar. 1, 2011
Answer by ImaginationMama at 4:42 PM on Mar. 1, 2011