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I can't comute from Minnesota to Arizona for a job, but I can't sell the house either
January 03, 2008
I own a home in MN and had to move to AZ last year for a new job. Tried keeping up with mtg by leasing and had bad luck with tenants. Currently being leased and payments have caught up to me. due to market analysis done last Nov. I don't believe I can sell to cover my mtg balances. 2nd with Citi Mortgage and line with Wells Fargo.
Related Entries
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- I lost my job and they're going to foreclose - January 24, 2007
Comments
Recently answered your posts. This is again another way to seal your fate. You cannot sell the house for what they state you owe them. Who's buying houses anyway? Except the banks at the foreclosure sales. The market is down. I have homes near me that have been sitting for years. Now all the bank has to do is wait for the sale, buy back your house for 30 to 40,000 less than you owe. Kick you out then fix it up a little, wait till next year when the market levels and sell it for 60,000 dollars more. Pretty neat huh? Surely not our "American Dream". Get a lawyer. Fight back.
I'm 65. My family situation requires me to retire immediately and move out of Arizona to take care of my ill Mother. I was trying to sell my house, but I was unsuccesful. Current price of the house is at the level what I own to the bank. I already lost $80k ($65k of 20% downpayment plus the paid principal). I'm on a good income now, paying all my bills, including the mortgage. After retiring, I'll not be able to keep the house because my fixed social security income will not allow it. Can I simply give the home keys to the bank and move out? This home is our primary residence and we lived in it for more than 4 years. Will AZ law allow lender to go after me if they sell my home for less than the loan amount?
I'm 65. My family situation requires me to retire immediately and move out of Arizona to take care of my ill Mother. I was trying to sell my house, but I was unsuccesful. Current price of the house is at the level what I own to the bank. I already lost $80k ($65k of 20% downpayment plus the paid principal). I'm on a good income now, paying all my bills, including the mortgage. After retiring, I'll not be able to keep the house because my fixed social security income will not allow it. Can I simply give the home keys to the bank and move out? This home is our primary residence and we lived in it for more than 4 years. Will AZ law allow lender to go after me if they sell my home for less than the loan amount?