QUESTION

What should I do about my house I no longer live in?

Asked on Jan 30th, 2013 on Foreclosures - Tennessee
More details to this question:
I got remarried and moved to my husbands house an hour away from the one I own. We were planning on selling or renting my house but I am now pregnant at 42 and am no longer working. We have 5 children together and child care cost more than my paycheck would be. We have been making too mortgage payments for a year and a half now but financialy can no longer do that. We have gone into over 60,000 dollars of debt due to two mortgages and are out of money. My house needs repair we cannot afford to do in order to sell it including a mold problem. Even if the home was repaired, we still could not sell for what I owe. What do we do? We can no longer make two mortgage payments and have a baby on the way. We are currently not late on anything but that is because we just used all of a credit of 45,000 dollars we had from our home equity loan on my husbands house and also from using credit cards.
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1 ANSWER

Bankruptcy Attorney serving Collegeville, PA at Nahrgang & Associates, P.C.
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If you are eligible based upon your household income, and no assets are exposed, you may eliminate your debt.  That would apply to the mortgage, so you could simply let it be foreclosed on.
Answered on Jan 30th, 2013 at 5:42 PM

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