My house has been on the market for almost 1 year - it was built in 2005 in a new development in Waxhaw - my

Asked by Cheri, Waxhaw, NC Sat Apr 19, 2008

husband has moved back to NY already - figuring me and our children wouldn't be far behind, however, the house still hasn't sold. I am considering pulling the equity out and using it as a down payment on a house in NY. The house here is soley in my name - the house in NY will be soley in my husbands name. My question is this: should I default on the house here and it go into forclosure can they attack my salary in NY or attach a lean or anything else to the house that is in my husbands name in NY?

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J R, , New York, NY
Sun Apr 20, 2008
I am surprised at how easily the word "default" is tossed around in today's market. Where are people moral obligations?

How much did you pay for your 2005 and what are you asking. Here in NY I am finding a lot of people expect to make a 100,000 profit on homes they bought in 2005 which was the height of the market. What does your realtor say about the list price. How long has it been on the market.
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Larry Story, Agent, Greensboro, NC
Sun Apr 20, 2008
Just to clarify are you in Waxhaw, NC? As far as the foreclosure the if you take out a new loan and then default they will most likely try to come after you. Of course the big determining factor will be how much they get for the home when they sell it and the balance of the notes. Have you had a recent CMA done by your realtor? Is your home priced aggressively in order for it to sell? Whatever you CMA comes out to you need to be priced under that in order to sell. As far as them garnishing your wages or attaching a lien againest another home that would be up the court and the difference between what they get when they sell you home and what you owed on it. If it is not alot they may write it off. Then you would get a 1099 form and have to declare that as income. I would definitely speak with your realtor and try to get the home sold first though.

Larry Story
Coldwell Banker Triad
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