foreclosure

[kfbsluggo5]

We have a house in north carolina now. And we have a house in pennsylvania that we have been trying to get rid of for almost 2 years. We cannot afford 2 mortgages. We cannot seem to sell it, and though we rented it for a year, we had to pay to clean it up good. We cannot seem to get it rented. It is really messing us up. If we just stop making payments, we can be done to us. We do not want to lose our house in north carolina. What should we do?

 

[ALawyer]

If you stop making payments the bank will foreclose. I do not know the laws of your state on possible deficiency judgments or if they can only take the equity in the house.

It will mess up your credit -- and possibly a deed in lieu of foreclosure may work. Ask a local lawyer to try to help you out of this before it gets worse, as interest rates are only rising.

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