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Want to sell home ,even at a loss

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#1 woundedwarrior70


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Posted 26 December 2012 - 04:12 PM

I'd like to know if I can sell the house even though we just got a loan modification and the house is way too big to maintain properly as the wife and I are both disabled now and in wheelchairs. There is no way we could show this house as it is but, we have no way we can think of to make it right. The wife was taken off SSI and we are really struggling.

#2 adjusterjack


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Posted 26 December 2012 - 08:39 PM

If you still can't afford the home even with the loan modification, one option is a short sale for less than you owe on it. But you'll need to get the bank to go along with it. Generally, the only way that the bank goes along with that is if you default. As long as you make payments, the bank has no incentive to cooperate with a short sale.

If you are really struggling why not just default, get a small apartment, and let the bank have the house in foreclosure. Probably should have done that a while ago instead of throwing good money after bad.

Warning: Legal issues are complicated. Explanations and comments here are simplified and might not fully explain the ramifications of your particular issue. I am not a lawyer. I do not give legal advice. I make comments based on my knowledge and experience. I guarantee nothing. If you act on my comments without the advice of an attorney, you do so at your own risk.

#3 Guest_FindLaw_Amir_*

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Posted 27 December 2012 - 09:22 AM

You may wish to visit the Real Estate Law Center: Foreclosure and read Giving Up Your Home Without Foreclosure as a good resource to learn more about this subject matter.

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