Are you asking for advice on the ethics of giving up your property to foreclosure? My advice is to not pay attention to other people's opinions about how ethical/unethical or responsible/irresponsible your contemplated actions are.
They are not walking in your shoes.
Have you had a thorough discussion of all the options with a consultant? Call the Colorado Foreclosure Hotline for unbiased support 1-877-601 HOPE. Website below.... more
Sorry for the position you are in.... you are not the only one dealing with this problem unfortunately. I just closed on a 2 bedroom in Dakota Station fro $114K with my buyer...
If you allow it to be forclosed on, your credit will be "shot" for 5 years according to the latest info available. If you list the property and are able to sell it for less than is owed (a short sale), your credit will be "shot" for 2-3 years. You will potentially be liable to the lender for the difference....although the thinking is that they will not go after such a "little fish". No guarantees, though.
Your property MUST appraise by the Buyers bank which will look at all of the sold properties in your subdivision in the last 3-6 months.
Give me a call and we can discuss it further. I can have my short sale specialist walk you through the process.
Best of luck..
www. BuyDenver.net... more