I have a valueless home; is there another option besides bankruptcy to get rid of it?
Question Details:
I have a home that has been empty for almost 2 years now. The home was bought in 2000 and I stopped paying the mortgage after not finding suitable tenants 2 years ago. Since then people in the neighborhood have taken all plumbing, electrical, and other values out of the home. The home is in a low income area The home is worth less than what the mortgage is. Besides bankrupcty is there any other way to get rid of the home; to take it off my record?
Real Estate Law Answers
I am a lawyer in CT and practice in this area of the law. I suggest trying to do a short sale. this is a process where the bank agrees to take a payoff of less than what is owed in full satisfaction of the debt. this gets negatively reported on your credit report. nevertheless, you will be rid of this house. i suggest calling a real estate agent to help you with this and call the bank to fill out the necessary paper work.
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