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I have a large mortgage payment of 1900/mth I am currently in a debt settlement program. I cannot afford to

sell my home due to loss in value and closing costs. I have no equity and want to just get out of it. I am OK with renting although hate the repercussions of foreclosure.
I really don't want this house any more. What do you advise
Sat May 3 2008, 10:38 - Minneapolis - Foreclosure - 5 answers
 
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Annie Wats...
Just Looking
in Minneapolis
Annie Wats..., Just Looking in Minneapolis in Minneapolis
Answers (5)
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Todd Norsted was FIRST TO ANSWER
That's interesting. I'm looking to buy in the Minneapolis downtown area and can't seem to find a site where people are pre-foreclosure. Looking for 2bdrm+, 2bathroom. Please let me know if you're interested.

Wed May 28 2008, 13:49
 
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Have you thought of renting a room out to someone to live with you. If not, check with your accountant regarding the benefits of claiming rental income in your home. This might help you make it through tough times.

Thu May 8 2008, 11:11
Web Reference: http://www.yourhomesmiles.com
 
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Renting the house and pocketing the money while letting it go to foreclosure is fraud. Ask the lender to see what they can do. Maybe they can restructure the loan for you or if they can't do that then maybe try a short sale. Don't just let it go to foreclosure, you have obligations that you signed when you bought the house. Good luck to you.

Sun May 4 2008, 09:09
 
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I'll buy it! The way I could do that is for me to negotiate with the lender for a short sale, my specialty. So you're home does NOT have to go into foreclosure. If you're interested, give me a call!

Will Robles

888.605.9190 ext. 1
will@firstcasasolutions.com

Sat May 3 2008, 16:54
Web Reference: http://www.FirstCasaSolutions.com
 
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FIRST ANSWER
Annie....

My question, if you don't really wnat it anymore, why did you buy it in the first place?

The respondsible thing to do, since you signed the mortgage and did that in good faith accepting the responsibility to make the payments, is to sell when the market or your finances will allow you to do so and break even.

I am sure that's not what you want to hear, but it's your obligation.

Thanks, Todd Norsted

Sat May 3 2008, 10:56
Web Reference: http://www.toddnorsted.com
 
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