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

Follow Ups:

• Re: Want Out!!! - TED MACK 19:47:02 09/02/04 (0)
• Re: Want Out!!! - Curtis Mitchell 19:02:56 09/02/04 (0)
• Re: Short Sale - TheShortSalePro 17:15:10 09/02/04 (0)
• Re: Want Out!!! - alia culcleasure 13:56:37 09/02/04 (1)

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: 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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