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What is the name of your state? Utah.

Here is my problem I bought a house with my EX wife 10 years ago (divorced 1 year now). The house is in the middle of nowhere Utah we have around 40 houses with 10 miles of where my house is located. Now according the divorce decree the house is to be sold and the money from the house split between us. I have been living in the house for the past year, while I have been trying to sell it. The last realtor that I talk to told me that the last house to sell in my area sold for $20,000 less then what I owe on my house. I have recently married again and am looking to move out of the country and still have the house. I can not rent the house because of the way that the mortgage is written, I can not sell the house because I can not find a realtor who will take the contract. I am left with two options. I have about $50,000 in credit card debt and the house that has managed to drain my saving account; I have to pay out $200.00 more a month then what I make. I am thinking of taken out a chapter 7 and walking away from it all, or I am just thinking of letting the house go into foreclosure. I do not know the rules of my state when it comes to real estate. I also do not know the laws on bankruptcy. I am looking for any advice that I can get. Thank you

P.S. if I go the chapter 7 then will the bank go after my EX for the money?

[HomeGuru]

Originally Posted by halo-wings

What is the name of your state? Utah.

Here is my problem I bought a house with my EX wife 10 years ago (divorced 1 year now). The house is in the middle of nowhere Utah we have around 40 houses with 10 miles of where my house is located. Now according the divorce decree the house is to be sold and the money from the house split between us. I have been living in the house for the past year, while I have been trying to sell it. The last realtor that I talk to told me that the last house to sell in my area sold for $20,000 less then what I owe on my house. I have recently married again and am looking to move out of the country and still have the house. I can not rent the house because of the way that the mortgage is written, I can not sell the house because I can not find a realtor who will take the contract. I am left with two options. I have about $50,000 in credit card debt and the house that has managed to drain my saving account; I have to pay out $200.00 more a month then what I make. I am thinking of taken out a chapter 7 and walking away from it all, or I am just thinking of letting the house go into foreclosure. I do not know the rules of my state when it comes to real estate. I also do not know the laws on bankruptcy. I am looking for any advice that I can get. Thank you

P.S. if I go the chapter 7 then will the bank go after my EX for the money?

**A: my advice for you would be to consult with a BK attorney to discuss your options. Also search this website under "deed-in-lieu of foreclosure" and "short sale".