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Do I let the bank take the house?

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) how do we get out of owning this home?

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Attorney answers 1


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.

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