Re: Foreclosure Questions in Texas
Posted by Yvette on September 19, 2005 at 21:11:20:In Reply to: Foreclosure Questions in Texas posted by Steve on September 06, 2005 at 13:28:53:
: I have a house located in Mineral Wells, TX that I have been trying to sell for over 3 years. It is a big 4,000sf victorian home. The house is residential but is better suited to commercial I've tried everything (lease purchase, owner finance, sell outright, etc) but nothing. I need out from underneath this house. I can't make the payments anymore. I owe $126,000 (house worth 150,000)and houses are not moving here (poor location). I'm not behind on any payments but that will soon change. The bank (chase) is not willing to work with me (they say my loan 7.25% cannot be assumed). I am seriously looking at walking away and letting the bank have it. I don't have many options left. I have a house provided with my job in another city. My question is: Is foreclosure the best route to go? I'm not worried about credit as that's already messed up. I don't own any other property and don't really have any asset's of any consequence. Does anyone have any advice as to what might be the best route to go? Is there something specific I need to do to let the bank know my intentions? Does anyone have a better suggestion of how to get out from underneath this house? What can I look forward to if I do let the house go back to the bank? Any and all advice is greatly appreciated.: Thanks,: Steve
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Comments:: : I have a house located in Mineral Wells, TX that I have been trying to sell for over 3 years. It is a big 4,000sf victorian home. The house is residential but is better suited to commercial I've tried everything (lease purchase, owner finance, sell outright, etc) but nothing. I need out from underneath this house. I can't make the payments anymore. I owe $126,000 (house worth 150,000)and houses are not moving here (poor location). I'm not behind on any payments but that will soon change. The bank (chase) is not willing to work with me (they say my loan 7.25% cannot be assumed). I am seriously looking at walking away and letting the bank have it. I don't have many options left. I have a house provided with my job in another city. My question is: Is foreclosure the best route to go? I'm not worried about credit as that's already messed up. I don't own any other property and don't really have any asset's of any consequence. Does anyone have any advice as to what might be the best route to go? Is there something specific I need to do to let the bank know my intentions? Does anyone have a better suggestion of how to get out from underneath this house? What can I look forward to if I do let the house go back to the bank? Any and all advice is greatly appreciated.: : Thanks,: : SteveOptional Link URL : Link Title : Optional Image URL: