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10-30-2005, 12:10 AM
| | Junior Member | | Join Date: Oct 2005 Location: Akron, Ohio
Posts: 3
| |  running out of luck
What is the name of your state?What is the name of your state? Ohio
I recently got divorced. We owned a home I'm still in. The mortgage is in my name. I can't afford it anymore. I tried getting renters, selling by owner and also asking the mortgage company to take a short payoff. No renters to be had, couldn't sell by owner and was denied on the short payoff. I had a buyer for the short payoff but the mortgage company denied it. I am now left with the possibility of foreclosure. My question is if the house sells at auction for less than the mortgage is worth am I responsible for the difference? I was told they could possibly garnish my wages and with paying child and spousal support I can't afford that. I've exhausted every option and this looks like my last resort. |
10-30-2005, 07:15 AM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | | When trying to sell did you put the price at exactly what you owe plus the closing costs or try and make a profit? |
10-30-2005, 08:01 AM
| | Junior Member | | Join Date: Oct 2005 Location: Akron, Ohio
Posts: 3
| | | The cost I listed it for was for actually lower than the total of the first mortgage and home equity loan combined. The reason it was listed so low is the house needs some work and my real estate agent said I wouldn't be able to get that amount for it. That is the reason I was asking the mortgage company for a short payoff. I was going to make no money off the house at all. At this point I just was to get out of it and move on. Also with-in the past 5 yrs. I went through a bankruptcy. during that we reaffirmed both the home mortgage and home equity loan. Is there any way I can go back on that and add them both to it? Thanks for any advice/help. |
11-04-2005, 05:10 PM
| | Junior Member | | Join Date: Oct 2005 Location: Akron, Ohio
Posts: 3
| | | Anybody know an answer that could help me out??.....thanks |
11-04-2005, 05:47 PM
| | Member | | Join Date: Mar 2002
Posts: 218
| | | Have you tried refinancing to an interest only loan to reduce your monthly payment? Have you tried having a boarder live with you? Have you tried selling the home on contract for deed or rent with option to buy? Do you have any other assets to bring the loan in line with value?
What efforts have you made toward the short sale request - in writing, on the telephone, in person? Were the decision makers the ones who denied your request or was it a front-line mouth-piece?
I wish I could give you more to work with, but that's all I can think of. Sometimes, there's no other choices available. Unfortunately, if they foreclose, they do have the right to pursue a deficiency judgement. |
11-05-2005, 07:28 AM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | | What is the difference in the short sale offer and the amount of the Mortgage?
The Lender might change the difference into a personal loan and let you pay it off over time.
Sorry not much help but you have to get beyond the peon stage to get someone with REAL answers from your lender. | |
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