Need advice on marriage & forclosure

[tribalgecko]

What is the name of your state? OHIO

Hi, I have a real dilemma here. I have recently gotten married. I own my own home (I have a mortgage) and so does my husband. We don't really live together yet because I am stuck with my house which I don't think I can sell because in my city (Euclid), the housing codes are so strict that I can't afford to fix the violations and in my city they have two lists I am told, one violation list is assumeable by the buyer and one list isn't. So I am stuck in my house which I can't afford to fix and am not allowed to sell under the laws. I am so frustrated that I am ready to abandon it and let it foreclose but I don't want my husband to get involved in the mess. His name is not on the mortgage or the title in any way. What should I do with this house? I have been a single mom for years and have no money but I hate the thought of being a deadbeat. Thanks!

 

[BriantheBanker]

Don't Foreclose

There are investors who will take over your payment and have money to do updates. Look for home investors. Ug is a national home buyer.

don't let a foreclosure go on your credit.

BriantheBanker

 

[tribalgecko]

My credit is pretty bad right now anyway, I have no debt but have been over 30 days late on my mortgage payment maybe 4 times in the last 2 years. I have a bankruptcy (thanks to a divorce) about 8 years ago. I figured I would just live forever without credit after that. Can the foreclosure really make crummy credit worse? I am on a good street, where the houses sell for around 110 to 120 and I only owe in the 70s.

 

[rainmand]

The foreclosure is a serious credit ding and should be avoided if at all possible. Lender's hate seeing "foreclosure" on credit reports and it'll follow you for 10 years.

Right now, Lender's don't care much about your bankruptcy because it's older than 7 years. In 2 years it'll be off your credit report forever.

The mortgage lates will be insignificant if you haven't had one in 24 months.

2 years is all you have to wait to achieve a much better credit rating. I'd hate to see you loose that opportunity. I hope you do whatever you can to avoid the foreclosure.

 

[amortgageman]

FCRA states that bankruptcies can remain on your credit report for ten years, foreclosures will remain for seven.

You have pretty decent equity in the home now. I would suggest a ful disclosure of the required improvements and the new buyer can possbly obtain an FHA rehab loan, or a Fannie Mae Home Renovation loan. With either of these programs, the new buyer will be able to make improvements on the home as needed and also add on any improvements that they may desire.

Of course you would want to adjust your purchase price to pay for the required improvements, and this money would be placed in escrow until the improvements are made.

 

[BriantheBanker]

analysis until paralyzed

Pardon the expression. There is an old saying in the mortgage business. Don't analysis a situation until you are paralyzed. If you continue to worry about the equity your house might have in it AND IN THE MEAN TIME, allow the house to be foreclosed, you won't need to worry about equity for a while.
Price the house for quick sale before your price hurts your credit.
Make sense??? SELL IT. move on.


Good luck,

BriantheB anker