Results 1 to 2 of 2

Hybrid View

  1. #1
    Join Date
    May 2010
    Posts
    1

    Default Foreclosure or Short Sale

    My question involves real estate located in the State of: WA Just went thru Divorce, the house was awarded to me. She currently lives in it. I have 2 mortgages on it. I was told that I have 1 yr to fix it and have it sold, it is in disrepair, flooring has been pulled up in rooms, bathroom was remodeled as well as kitchen but it was not kept up. I will only have $18 a month to spend on fixing it up, paying lawyers etc, I just want to get out from underneath it once she moves out. Should I just let it go to foreclosure? I am 2 months behind on the second mortgage and have always been up to date on the first mortgage. I owe approximately $160,000 for both mortgages. Or should I just do a short sale, which if I understand it correctly will still leave me with payments to make. Any ideas are appreciated!!

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Foreclosure or Short Sale

    depending on how the short sale is arranged, it could relieve you from the debt or not.

    Unless your ex has signed off on the house and has somehow been removed from the mortgages, you will need her agreement to do anything concerning title or mortgages.

    Depending on the situation and what your divorce decree requires, if you allow a foreclosure or even a short sale, the ex may have an action against you.

    1. Sponsored Links
       

Similar Threads

  1. Foreclosure: Short Sale or Foreclosure with PMI
    By fishsticks in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 03-23-2011, 08:10 PM
  2. Foreclosure: Buy Out vs Partition for Short Sale or Foreclosure
    By Jen77 in forum Buying, Selling and Conveying Real Estate
    Replies: 4
    Last Post: 08-14-2009, 04:03 PM
  3. Foreclosure: Foreclosure V. Short Sale in California
    By DuncanAlexander in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 08-13-2009, 03:55 PM
  4. Chapter 13: Short Sale, Foreclosure, or Bankruptcy
    By verde in forum Bankruptcy Law
    Replies: 1
    Last Post: 05-06-2008, 07:43 AM
  5. Foreclosure: Which Is Better - Short Sale Or A Foreclosure
    By verde in forum Buying, Selling and Conveying Real Estate
    Replies: 5
    Last Post: 08-13-2007, 06:29 AM
 
 
Sponsored Links

Legal Help, Information and Resources