Asked by Kbtfred, Michigan • Mon Nov 8, 2010
I purchased a house 4 years ago, which is now sitting vacant and needs some repairs. My husband and I purchased a house together 2 years ago, which I also carry the mortgage for, but the house is in both of our names. Does anyone know what the ramifications are for me allowing the vacant house to go into foreclosure? I owe 103K and it's worth about 65K now. I contacted the credit union about the possibility of a short sale, but they said no. I can't help but think we would be better off letting it get foreclosed on even though we are current on the payments, as it has drained our savings. Thanks!
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