Want Out!!!

Posted by Philip Garcia on September 02, 2004 at 10:28:23:



Am going through a divorce and do not want to keep my house. It is in Abilene Texas which is a very depressed housing market and the house is fairly expensive in that city. Mortgage is about 530K. House was on the market 3 years before my wife and I bought it. She and my children live in a different city and I am going to go there. Dont really qualify for bankruptcy as my wife and I are both physicians but will not stay for 2 1/2 more years trying to sell the property and making over $8000 (P&I&T and Insu) payments a month. Should I just move out and tell the bank I will no longer be making payments or what please help with advice want to move out by end of Sept. and yes I know that this will totally screw up my credit. Also the bank made us pay for a PMI policy since we financed the whole amount will this policy cover up to 20% of the difference if the bank sells the property for less than the mortgage? Thanks for any and all advice



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