QUESTION
Is it a good option to sell the house if he owes more on it than it's actual worth?
Asked on Nov 07th, 2013 on Foreclosures - North Carolina
More details to this question:
We live in North Carolina. My boyfriend owes more on his house than it is worth. He is talking about just walking away from it. Is it better to sell it and work with the lender on figuring out how to pay/forgive the difference or to have it foreclosed on? If it is foreclosed and we get married, will this effect my credit in any way?
1 ANSWER
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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First, a debt by your boyfriend CANNOT affect your credit unless you personally sign onto the debt. Second, I don't usually advise people to enter into short sales...which is when you sell the house and the lender agrees to take less. It takes a long time to get approved and get it sold and it takes a lot of work on the part of the homeowner. I would recommend he speak to a debt relief attorney before making a decision.
Answered on Nov 12th, 2013 at 5:10 PM