NC Foreclosure questions

[tonyp]

Hello guys.
I live in NC. I have had some very unsteady income for the last 10 yrs. And I currently have a variable rate home loan that is going up every 6 months. It is truely getting to be too much for me to pay. I have had no luck getting the loan refinanced due to bad credit and lack of equity. The home needs repair, water damaged chimney, termites, wood floors in bad repair, etc. If the home were in better condition, it would be worth about $100-110,000. The current balance on the home is $97,000. Obviously, I cannot sell the home for enough to cover the loan payoff. Sometimes, I just feel like walking away from the home and letting it go into foreclosure. But, I do not know if I would sued for the balance on the note.
I'd appreciate any advice.
Thanks,
Tony P

[HomeGuru]

Originally Posted by tonyp

Hello guys.
I live in NC. I have had some very unsteady income for the last 10 yrs. And I currently have a variable rate home loan that is going up every 6 months. It is truely getting to be too much for me to pay. I have had no luck getting the loan refinanced due to bad credit and lack of equity. The home needs repair, water damaged chimney, termites, wood floors in bad repair, etc. If the home were in better condition, it would be worth about $100-110,000. The current balance on the home is $97,000. Obviously, I cannot sell the home for enough to cover the loan payoff. Sometimes, I just feel like walking away from the home and letting it go into foreclosure. But, I do not know if I would sued for the balance on the note.
I'd appreciate any advice.
Thanks,
Tony P

**A: read all about short sale and deed in lieu of foreclosure. Start with a seach on this website.

[tonyp]

Thanks Homeguru,
If I take the path of deed in lieu of foreclosure,
who sells the house?
Me?
Mort. Company?
I know that the home could be sold,
but with the repairs needed, which I cannot afford,
not for enough to cover payoff.

Tony P
N.C.

[seniorjudge]

Q: If I take the path of deed in lieu of foreclosure, who sells the house?

A: You deed the place to the lender; the lender then will release the mortgage.

[HomeGuru]

and they may or may not sell the house.