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 Six
months ago I was transferred from Tennessee to
Virginia. I've been unable to sell my home in
Tennessee. The asking price now is $10,000 below
what I owe on it. I'm renting in Virginia and
the Tennessee house payments plus rent have drained
all savings. Each month now I'm going deeper in
debt. I do not want to declare bankruptcy. I see
no way out. Please help!! I'll do whatever you
advise me to do.
Wayne
Richmond, Va.
 Wayne,
Make sure you understand the true value of your house. A local real estate agent can help you get a list of what other houses in the area have been selling for. You definitely want to do what it takes to avoid bankruptcy -- it's a gut-wrenching experience. Your best option is, of course, to just find a buyer for the house, but that isn't happening fast enough.
You may need to talk to your mortgage
company about the possibility of a short sale.
That's where you sell the house for less than
you owe and the mortgage company agrees to take
that amount without coming after you for the difference.
Make sure you get it in writing. Another alternative
to foreclosure is a deed in lieu (of foreclosure)
where you turn over the deed to the mortgage company;
they sell the house at auction and agree not to
come after you for the difference. Again, make
sure you get it in writing. These will make a
mark on your credit history, but nothing as bad
as a foreclosure or bankruptcy.
| -- Posted: March 24, 2008 |
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