I Can’t Care For My House, I Can’t Sell It, I’m Stuck in a Bad Situation. – Vicki

Vicki

“Dear Steve,

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?

Vicki”

Dear Vicki,

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.

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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.

Sincerly,
Steve

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.

11 thoughts on “I Can’t Care For My House, I Can’t Sell It, I’m Stuck in a Bad Situation. – Vicki”

  1. bought house 2007 now it’s not worth what i paid for it and it has mold spore’s that are effected my health to where i can no longer live there

    Reply
  2. bought house 2007 now it’s not worth what i paid for it and it has mold spore’s that are effected my health to where i can no longer live there

    Reply
  3. Hi Joseph;

    As far as starving, that’s hardly likely especially since I’m trying to get rid of a few pounds right now!!!!

    I have way too much to lose in a bankruptcy….like my vehicle, my savings etc. I fought for everything I’ve got and I will not turn it loose because the bank says so and I’m sick of people walking through my house, (I was literally caught coming out of the shower on Friday) let alone have people messing up my kitchen and bathroom and everywhere else on a daily basis (I want to leave the mortgage not land in prison)

    I have decided the only way to get out is to pay the bank the $8000, then run but at least all I lose is the $8000. I need good credit to rent an apartment (trust me I know)

    So I will be concentrating on raising the money somehow and if I am stubborn…..well it can be a good thing.

    Thanks anyway.

    Vicki.

    Reply
  4. Vickie, you’re a bit too stubborn for your own good. If you neednoyt, you’ve been given quite a fee solutions. Quote frankly, those are the only ones you have. If you would rather starve than take the logical advice given, then by all means.

    Reply
  5. Hi Chris;

    Thanks for your comment, my response to you however, is the same as my response to spiritwealth. I’d rather starve!!!!

    I have been begged to rent or do a rent to own, should I be stupid enough to do either of these things I will be taking a risk. The risk being they wreck the house and leave or in the case of rent to own do the same thing, then I am left with a peice of junk house while still owing money to the bank.

    Also should I go the rental route, I will still have to do repairs etc (which most likely wouldn’t be needed if I didn’t rent in the first place) which puts me back in the position of dealing with bone idle, sloppy tradespeople whiche are a large part of the reason I want out in the first place.

    I appreciate your comment but I’m well and truly stuck until I sell. I want a clean break from everybody, I dislike banks intensely and that alone is a reason to get out and I’m tired of dealing with expensive slobs.

    Thanks but no thanks.

    Vicki

    Reply

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