Do I let the bank take the house?

Asked over 4 years ago - Dayton, OH

We need to move! We have had the house listed for sale/lease...and nothing! We have 2 mortgages the sum of both are over the apprasial value. This house will not sale for what is owed. Do we walk away? What happens if we do? Is it best to file bankruptcy?(we do qualify for a Chpt 13 not sure of a 7 due to steady income)...so how do we get out of owning this home?

Attorney answers (1)

  1. Steven Alan Fink

    Contributor Level 20

    Answered . You are better off trying a loan modification first. If that does not work, speak to a real estate agent about a short sale. If you qualify for a 13 speak to your bankruptcy attorney about doing a lien strip under Section 506. This may remove the second from having a lien against your house if the numbers work.

    The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.

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