Home Buying in 84081>Question Details

Kyle Payne, Renter in 79065

Let it foreclose?

Asked by Kyle Payne, 79065 Sun Nov 25, 2012

I bought a house with my long time GF in West Jordan. We split the property but I "own" the mortgage. Relationship went South & I'm now living in Vegas while she is still in the house (paying nothing btw). I can't afford both the mortgage AND my apartment rent in Vegas. I'm thinking of just letting it go into foreclosure due to the fact she is not willing to help financially with 1/2 the mortgage payment. She stated she won't leave the house and I'm not going back to live in it as long as she's there. I'm thinking of just letting it go into foreclosure. Any advice? I'm currently all up to date on bills etc. but that's about to stop

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Answers

6
Kyle,

Ending a relationship is hard enough but it is often harder when there is a home involved. I'm sorry that you are in this situation. My advice would be to avoid a foreclosure at all costs. It can have very negative effects on your credit and your ability to buy another home in the future. There are other options you can take. However those other options do depend on how you hold title to the home with your ex-girlfriend.
Please feel free to contact me and we can do some research on your options. I lived in West Jordan for many years and am very familiar with the area and the market in case selling or Short-selling your home is a better option than Foreclosure.

I look forward to hearing from you!

Jessica Cone
Exit Realty Legacy
801-884-8497
1 vote Thank Flag Link Sun Nov 25, 2012
Kyle, if you haven't already made a decision, as one of your neighbors I sincerely hope you adopt the short-sale option rather than let it foreclose. This would insulate the other home values like mine somewhat from yet another foreclosure in the area. That said, I understand your frustration and hope you have found a beneficial solution. We are considering selling ours and have had good experience with Realtors endorsed by financial advisor Dave Ramsey http://(www.DaveRamsey.com) through his ELP or endorsed local provider program. You have probably already come to a decision but if not, there's the two bits from a sympathetic neighbor.

David Mc.
0 votes Thank Flag Link Wed Jan 2, 2013
Thanks David. I'm currently in talks with a R.E. Attorney. I'm currently still making the mortgage payments. Oh, and I'm a HUGE fan of Dave Ramsey :)
Flag Fri Jan 4, 2013
The odds are; if you stop paying your Mortgage now, the Bank will Foreclose in 2014!
In the meantime, your Credit Rating will drop to 550 and she will still have a free-rent place to live.

Perhaps your best course would be to consult a local Real Estate Attorney; for several reasons.
0 votes Thank Flag Link Sun Nov 25, 2012
I wouldn't suggest to avoid a foreclosure. I suggest you talk with a local experience Realtor who specializes in distressed properties. There are a variety of factors specific to your own situation that a canned answer can not be given.

Besides whether or not a short sale, or foreclosure is in your best interest, you are going to be dealing with a tenant (GF) who is holding over and that creates another layer to your problem. So please, do contact an experience, local expert to guide you though your options so that you can decide which option is in your best interest.


All the best to you.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Sun Nov 25, 2012
Why let it foreclose when the bank will pay you $3,000-$30,000 to short sell it!
Call me for more info.

Justin Critchfield
Century 21
801-891-5489
Http://www.RealDealUtah.com
0 votes Thank Flag Link Sun Nov 25, 2012
Kyle:
Many people post questions here on Trulia. I can never honestly tell if they are sincere. If you are sincere and really do want help, I beg you to please contact me. Yes, I am an agent like many others who post on here. However, I have options and solutions that most agents don't know about. It is too long to go imto here, and I do not want to give away my trade secrets, but I promise for every pot there is a lid, and there is more than one way to skin a cat. Call me, text me or email me. Please do not just walk away. You don't have to. Please let me help you.
Brian Hayes
Horizon Investment and Management
801-759-8619
briansbest@gmail.com
http://www.yourutahhomehunt.com
0 votes Thank Flag Link Sun Nov 25, 2012
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