Due to health issues for both my husband and myself AND financial strain, we need to sell our house. We spoke to realtors that tell us we cannot sell our house for what we paid for it. They tell us we would be LUCKY to sell a 2 story 1780sf house with 3bedrooms, finished basement, 2 full baths, 1 half bath, 1 3/4 bath, ceiling fans in every room for $200,000. We paid $215,000 …..but we owe $195,000 (6% rate)on first Mortgage and $25,000 on second Mort (13.5%). What do we do???
Due to losses on 401K my husband has $24,000 in that. We will be getting $2500 back on our taxes.
How can we get OUT OF THIS?????? My husband had one heart attack last year and just can’t take this stress, I have to figure this out on my own.
CAN we sell it for less than what we owe??? WHat would happen? How does it affect your taxes if you LOSE money on your home? DO we let it go???? and let the banks have it??? I’m at my wits end over this and don’t know who to talk to or where to go for help.
A lot of people have been in the same situation as you. What some people have opted to do is hand their house back to the bank and then go bankrupt if the bank comes after them for a big bill afterwards.
If you adopt that approach then all you need to do is click here to find a local bankruptcy attorney you like, make an appointment with them and go talk to them and create a game plan. Armed with that game plan you can execute your plan and the stress and pressure will be significantly reduced. Things are so stressful right now because you feel like all of this is happening to you. Once you take charge and start steering the ship you will feel better.