Hi; I am 64 years old, I bought this house in 2007 on a closed 10 year mortgage at 6.4%. I became sick almost a month later and had to have major surgery. I, now have a very bad back and have trouble walking etc. (I have no one to help me and I can’t afford to pay for help) Keeping up with the regular maintenance of the house is killing me.
I want to get out of the house as I am unable to look after it and my health problems (which I have many) any more. I tried to sell it myself (assumable mortgage is the only way possible) or I will have to pay around $8000 which I don’t have. I managed to secure several interested parties which the bank promptly turned down (one had a mortgage arranged but only at B credit, whatever that is) I am fed up and turned it over to a realtor which is getting me nothing.
This house is starting to need repairs and regular maintenance which are beyond my ability to provide. I have other debt too…..creditcard and line of credt etc. I have taken some very bad advice it seems to me.
I have already written a longer version of this question but I never saw it with the others on my Yahoo page. I am desperate as apartments are starting to get scarce again due to students returning and I don’t want to move in the winter and snow. I would most appreciate your help. I have been sent to bankruptcy people for advice but what are they going to sell me except their product—bankruptcy. I don’t think it has to come to that.
I need to get out of this mortgage and house, but without losing my shirt. HOW do I do it ASAP?
I think we can both agree that the number one priority here is to get you into a sustainable living situation. An apartment makes perfect sense. It will be on a single level and not require you to keep it up. If something breaks, make a call and they will fix it.
It may be unlikely that you will be able to sell the house for what you owe. From what you described about activity since the realtor took it over I would believe that the house is overpriced for a quick sale. Agents do this because they want you to believe that if you go with them you will get a higher sales price and they will make a larger commission.
If you have not done so already, talk to your realtor about pricing the home to sell fast. See if that price will let you get out with at least covering what you owe on the mortgage. If it won’t we’ll have to go to Plan B.
Plan B is a coordinated approach with a bankruptcy attorney. What I’d want you to do is to find an apartment, qualify for it, and move in. You would then stop making the mortgage payments and go bankrupt clearing the residual house debt and your other miscellaneous debts.
But I strongly suggest that if you go with Plan B that you discuss this approach with a local bankruptcy professional in your area before you do anything. You need to do this so everything happens in the proper sequence.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.