What is the name of your state (only U.S. law)? West Virginia
Hello everyone! The company I worked for one year ago had a position open in the state of Kentucky where my girlfriend resides. I took the position doing a lateral move and found an apartment to rent in Kentucky. I had a mortgage on the house I lived in in West Virginia and managed, though with difficulty to keep both the mortgage payment and new rent paid. Four months after taking the new position in the company the bean counters informed me that they had looked at the numbers again and the position could not be justified any longer. I was permanently laid off in March. The position I left in West Virginia was filled 1 month before I was laid off and thereore I could not go back. I began drawing unemployment compensation but it is barely half of what my working paychecks were. I was forced to end the rent contract early and move in with my girlfriend where I live now. In the past few months I have also racked up several thousand dollars in medical bills fighting an eye infection that nearly cost me my sight.
The house in WV recently appraised for 18,000 less than what I owe on the mortgage. The neighborhood has taken a severe turn in the wrong direction with drug addicts and other miscreants moving in which started shortly after I moved. I tried to list it with two separate realtors and both said the chances of selling it in that neighborhood were slim and it could realistically stay on the market for many years. The bank refuses to let me refinance because of poor credit and no job. The current interest rate on the loan is 11.5%. They won't do a deed in lieu because it's not worth what the mortgage amount currently is. I see no alternative except letting the bank have it. Would I be considered within my rights to let this go to foreclosure or does anyone see a reason the bank would fight it? It is becoming increasingly difficult to make the payment and I fear that when my unemployment runs out it will force me to let it go anyway. Please don't tell me to get a job, I'm trying daily to find something!
Hello everyone! The company I worked for one year ago had a position open in the state of Kentucky where my girlfriend resides. I took the position doing a lateral move and found an apartment to rent in Kentucky. I had a mortgage on the house I lived in in West Virginia and managed, though with difficulty to keep both the mortgage payment and new rent paid. Four months after taking the new position in the company the bean counters informed me that they had looked at the numbers again and the position could not be justified any longer. I was permanently laid off in March. The position I left in West Virginia was filled 1 month before I was laid off and thereore I could not go back. I began drawing unemployment compensation but it is barely half of what my working paychecks were. I was forced to end the rent contract early and move in with my girlfriend where I live now. In the past few months I have also racked up several thousand dollars in medical bills fighting an eye infection that nearly cost me my sight.
The house in WV recently appraised for 18,000 less than what I owe on the mortgage. The neighborhood has taken a severe turn in the wrong direction with drug addicts and other miscreants moving in which started shortly after I moved. I tried to list it with two separate realtors and both said the chances of selling it in that neighborhood were slim and it could realistically stay on the market for many years. The bank refuses to let me refinance because of poor credit and no job. The current interest rate on the loan is 11.5%. They won't do a deed in lieu because it's not worth what the mortgage amount currently is. I see no alternative except letting the bank have it. Would I be considered within my rights to let this go to foreclosure or does anyone see a reason the bank would fight it? It is becoming increasingly difficult to make the payment and I fear that when my unemployment runs out it will force me to let it go anyway. Please don't tell me to get a job, I'm trying daily to find something!
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