Should I leave my house nearby?

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I live in the home of Las Vegas and bought at the worst possible time. I was one and the mortgage is in my own name. When I married my husband and I purchased a home with another tenant, and found my old house with intent to sell when the market turned. Well, the market sank. I bought 275k (100% financing – stupid) and it is now worth 150K. The rent is cheap now, and I can not find someone to pay more 1000/mos and my payment is 2200th The lender does not give me a loan mod (already tried) and I can not refi because I have negative equity. So after my share of taxes, HOA fees and maintenance of the house I pay 17k a year, so I can not sell, I can not sell, I can not do anything …. My husband thinks I should allow it to close, because it is a huge financial burden. Will it effect your credit (I bought the single)? I know I need at least 2 years to get my credit on track, but I do not want any more surprises. Did they take any other assets? I read that some financial analysts recommend that you enter, if you have lost over 20%, which is the most intuitive-cons. I do not think I could turn this thing around, like a serious impact on our finances, and if we can handle ….

  1. Reply
    April 29, 2011 at 11:46 pm

    sounds like you need another job. well you know your credit takes 7 years to get back on track.

  2. Reply
    April 30, 2011 at 12:03 am

    If you bought the house before you got married and your husband isn’t on the mortgage paperwork…. then his credit should be safe.
    But since I don’t want you to make major financial decisions on my advise I would suggest that you have a talk with your tax consultant.
    It shouldn’t cost you an arm and a leg but it is better to have your ducks in a row before you end up ruining your husbands credit.

    As to the house that you want to foreclose on

    Make sure that you don’t “own” any other assets that could be liquidated to pay for the shortfall when the bank forecloses on your property and sells it for less than what you owe on it.

    Yes, they could come after you for their “shortfall” and if your name
    is on the house that you and your husband acquired together then that means that you have assets that they could put liens on.

    This is why you need to get some real good financial advise before you turn the keys in to the bank and tell them to take back the house that you can’t afford anymore.

    There are ways to prevent that… but only a real good expert can get you prepared and keep your other assets save.

  3. Reply
    April 30, 2011 at 12:21 am

    Talk to a tax dude and find out the ramifications. Also, check out what the government is offering. There might be something in the 700 billion bail out for you…doubtful, but you never know. Good Luck.

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