I have a first mortgage (about $210-220K) with PNC Mortgage and a second/line of credit with PNC Bank ($65K) on my apartment in Washington, DC.
I lost my job in 2010 and moved to Illinois to help care for my elderly parents (I’m in my mid 50′s), I am behind on both payments now 7 months. Foreclosure is looming, and PNC Bank is beginning process for a charge off.
I have no income nor prospects for work, I do not live in the apartment (it’s vacant), it’s been on the market since March 2012 with a couple of low ball offers.
I attempted different programs but because of being unemployed and not living in the unit, I qualify for none of them.
What are my options? I have been advised to walk away and face the fact that my credit will be in ruins. What legal course might they take? Please advise, and thank you for your time and expertise.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.I Lost My Job. How Do I Unload My Vacant Home. - Peter by Steve Rhode