Profile picture for mivm07

What are my options for getting out of my house that is under?

I'm separated, and my spouse just kind of walked away. I want to sell and move to a rental, so I'm not looking to buy a new home. Both our names are on the mortgage. Additionally, the home needs a lot of work. My credit is pretty good right now and I'm concerned of the sequences of walking away, which I've considered. I am not able to pay anything if I sell it for less than what I owe but I would consider taking a loan to pay the difference, if that could somehow be worked int the deal. Advice is appreciated.
  • January 11 - US
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Profile picture for mivm07
@Lori - thanks for the link. My spouse wants out too... Just not interested in figuring out how. Thank you for your input!
  • January 11
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

[link deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

This link above will give you some more information about short sale options and why to avoid Foreclosure, Sounds like Short Sale may be the answer. by the way, the spouse who walked will have to sign on all your paperwork in order to sell your house, so don't let the spouse walk to far away until after you have unloaded the house.
  • January 11
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mivm07
@SoCal_Engr. Payments are up to date. Recent hardship is the main factor for this decision. Thanks for your input.
  • January 11
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoCal Engr

a consumer perspective...

To get out from under the house, you're likely to take some form of a credit hit. The key is for you to get into a position to "move forward".

Your situation seems like a scenario (i.e., upside down on house, recent hardship forcing need to sell, etc.) where a short sale should be considered. There will be some consequence to your credit, but what I have read indicates that the biggest credit hit is typically incurred because those short selling also have missed payments (I'll let those with more hands-on experience chime in on this aspect). Also, you will likely not be able to get a mortgage loan for a period of time, but you've already said you're not looking to buy after the sale.

If you choose to look into a short sale, be sure to also look into making sure that any outstanding balance is forgiven by the lender, and any potential tax consequences that may result.

Good luck...

  • January 11
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mivm07
@susan. Thank you for your response. I have had a realtor come by and he confirmed I would lose money even if I worked on the house.
  • January 11
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

First you need a realtor to give you a comparable market analysis to determine what your house is worth.

  • January 11
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.