Should I let my home go into foreclosure? ?

Deal Score0

Here is my situation. I own my home and have a home equity loan that I assumed after my divorce. I owe $ 133,000 on my mortgage, plus $ 20,000 in a home equity loan that my ex took out and I had to assume in order to keep the home. My sons have bled me dry financially over the last 4 years, have had a car I bought for my son repossessed last year becuz he wasn’t making the payments and the car was in my name. I put my house on the market last week becuz my I want to start a new life with my bf who recently took a job transfer to Dallas Texas. I just found out last night that my mortgage company has hired an attorney to collect on my home and also was informed that on January 7th my home will be put on auction for what is called a fire sale! I am close to two months behind on my payments, and nobody has ever called me. I’m not sure what to do here. Do I walk away? Do I fight? What about the 20,000 home equity loan? Thanks to anyone who takes the time to answer this.

4 Comments
  1. Reply
    I wonder
    May 15, 2011 at 12:43 am

    do whatever you can for money to make this go away.when i say anything i mean anything…

  2. Reply
    waynej@ymail.com
    May 15, 2011 at 12:50 am

    No, don’t let your home go into forclosure, The banks don’t really want your home, it cost them too much.

    What I recommend is to do a refinance, If you want to stay in that home, if you don’t want to stay then let it go into foreclosure.
    How many payments are you behind? If more than 3 months.

    Give me a call
    My name is Wayne L. Jackson
    # (516) 227-2500 ext 280
    I can help you

  3. Reply
    Steve L
    May 15, 2011 at 1:17 am

    I would legal advice and talk to my banker. It may well be that it is time to walk away. Your credit is already in the crapper. I would seek legal advise from a lawyer. You are in a sinking ship financially speaking. More debt is the last thing you need. For your own mental health I would think it is time to jump ship and live to see another day rather than drowned. Go to Dallas and start a new life. I wish you good luck.

  4. Reply
    geowjohnson
    May 15, 2011 at 2:07 am

    There are a dozen ways to prevent foreclosure. Do not panic, learn your options but take action quickly. Check out the links below to find free information and possible government help for you.

    Leave a reply

    Register New Account
    Reset Password