Not worth what I owe

Profile picture for blackbetty777
When General Motors vacated Moraine, it did more than put people out of jobs,it made the value of houses drop, drastically.  I owe 72,000 on my house and it's not likely to get 55,000.  Even if it were worth what I owe, no one is buying houses in this neighborhood.  Sadly, it's declining.  There are already 2 houses that are bank owned on my street, 2 others that are for sale and not getting any takers.  The house needs more work than I can afford to put into it.  I don't want to owe tens of thousands of dollars and sell for less than I owe.  Any suggestions?  Someone mentioned that since I have PMI I might be able to work something out.  Also, I alone cannot afford my mortgage payment, my boyfriend/roommate pays it.  I lost my good paying job about 2 years ago.  Is foreclosing an option?
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February 10 2010 - Moraine
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Profile picture for Mark LeMenager
Your best off talking to a local realtor.  Good luck.
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February 10 2010
Profile picture for Dream Town Realty
Foreclosure is always an option though it should be one of your last.  You have several options you should discuss with your bank: Loan Modification, where they would use government provided money to assist re-adjusting your mortgage to make it more affordable to you, Deed in lieu of foreclosure, short sale which sounds unlikely given the situation of your neighborhood (though it's worth a shot), and then foreclosure.  Talk to your bank and their "loss mitigation" department and discuss your options.  Foreclosure should be your last resort and if it comes to that you don't need to do anything, just stop paying your mortgage and the bank will take care of the rest.
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February 12 2010
 
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