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Call me crazy, but I do care about what I may leave behind
I am receiving my last paycheck on May 23, 2008. I am retiring and moving away from this property to a property that my husband and I own in Tennessee. The house here has been for sale since Feb. 14. I will no longer be able to make house payments or home owners insurance beyond my last paycheck. I have already spoken to my lender about the possibility of deed in lieu of foreclosure as a last resort if the house doesn't sell by then. He suggested that I drop the selling price which I now have done, from 44,900, to 38,500. To Minnstar bank, I owe not only the mortgage but also 10,000 home equity loan and 4200. reserve account. I have spent the last five years paying off 45,000 in credit cards through Take Charge America Debt Consolidation which I just finished a week ago. I am very sad that I might have to leave the bank holding the deed instead of being able to pay off the balance. I need advice on deed in lieu of foreclosure.