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    yawhey

    What Would Happen If I Had A Very Old House That I'm Upside Down In And Cannot Sell And Cannot Get A New Loan? I'm Thinking Of Walking Away From It. Please Advise

    I bought this 50's house for my wife that her father said he would remodel (he's a contractor) before the crunch $$$. On the honeymoon she left me and left me with all the expenses of this crappy house. I cannot afford to remodel it would cost much $$ that I don't have. I cannot refinance I have tried twice, and don't qualify. And I'm upside down big time in the piece of crap of a house. I have been advised to walk away and start over. I am 30 years old.

    asked 6 months ago

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    Drrogers

    I would try to find someone to do a straight take over... Put an ad on Craigslist, fully describing the house and situation, offering it for $1.
    Post ads at the local lumber and hardware stores as a giveaway.
    Contact pastors of local churches and ask the pastor to notify their congregations about it.
    As a last resort you can go to the mortgage company and "Surrender the deed in lieu of foreclosure." While this will appear on your credit it looks better than walking away and putting yourself in a position of possibly having garnishments or judgements against you.

    answered 5 months ago   

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