Voluntary Forfeiture

[InaFix]

What is the name of your state?What is the name of your state? Texas

I have two houses in different cities. I reside in one and need to be free of the second one fast. My husband is out of work and I can no longer pay both mortgages. My tenant moved out and left me holding the bag. Big surprise! I have made some repairs but have run out of money. I'm trying to sell the house for undermarket $ but no luck and I'm sinking fast. I can't make the next payment. Is there such a thing a voluntary forfeiture? Can the bank still forclose and come after me for the difference in the event of a short sale? Do I need to move back into the property to protect myself from the foreclosure/short sale law?

 

[HomeGuru]

What is the name of your state?What is the name of your state? Texas

I have two houses in different cities. I reside in one and need to be free of the second one fast. My husband is out of work and I can no longer pay both mortgages. My tenant moved out and left me holding the bag. Big surprise! I have made some repairs but have run out of money. I'm trying to sell the house for undermarket $ but no luck and I'm sinking fast. I can't make the next payment. Is there such a thing a voluntary forfeiture?

**A: search deed in lieu of foreclosure.
*********

Can the bank still forclose and come after me for the difference in the event of a short sale?

**A: yes, they can go after you even after they agree to a short sale.
*********
Do I need to move back into the property to protect myself from the foreclosure/short sale law?

**A: no, since the laws do not distinguish between occupant and non-owner occupant. Search BK homestead laws.

 

[InaFix]

Voluntary Forfeiture - thanks

Texas
Thank you so very much for your ultra speedy replys. Thank you thank you thank you.
M