I find myself in a conundrum. As you know, I'm moving out of the 3200 square foot custom home that the STBX and I built at a time when he was apparently unhappy and looking for the nearest exit. Since we are fighting about who should pay what, I haven't paid hardly anything towards the mortgage since he won't pay half. We are now behind by 2 months.
Here's where your input comes in. Should I:
A. Let the bank take it in a deed in lieu, thus screwing up my credit for 3 years.
B. Let the bank foreclose, thus screwing up my credit for who knows how long.
C. Try and lease it out despite owing the bank.
D. Hope to God someone buys it outright before the bank takes it
So what say all of you?
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2 comments:
I'd go with A, unless you have good odds on leasing it out and catching up the payments, pronto.
A is preferable to B, which I'd guess will start fairly soon and will be even more damaging to your credit (10 yrs). Only you know whether C will work, but of course that will make you someone's landlord & repair person (which you'll loathe, I assure you). And D ain't happening anyway, right?
So...yeah...I'd go A. You could use some stress relief...
Avoiding foreclosure is the best option. If you have no other way of doing so than option A: I guess I would go with that. Just consider you may have overlooked some of your options being that this was a very short list. Check out www.oceanviewequity.com they were able to help some of my neighbors out in a similar situation with foreclosure being an impending possibility.
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