Want "out"

Posted by Janet on February 18, 2003 at 23:38:30:

Hello, I have my first home and have been here less than a year. I want out of it because I am broke all the time, I am soon going to be without a reliable car cause I don't have enough money to buy another one, no money for anything. So I want out. A couple of friends of mine are suggesting I "walk away". I live in Canada and I'm not sure how the laws differ, but they claim I can just walkaway from the home. I am confused and overwhelmed and don't know what they mean about just walking away. Won't this effect my credit rating, and possibly even cause my wages to be garnished? I have been bankrupt already once and don't want to go thru that again. I would like to go thru voluntary foreclosure but I don't understand what's involved there. I can't sell the house cause the amount it would cost to sell it (with realtor's fee) would be more than I paid for the house. And I have no equity in the house cause I had it for such a short time. I really desperately want out of the whole situation but am not sure how to go about it. I am worried I will end up losing the house due to a high debt which I'm soon going to have if something's not done.

Any advice appreciated, Janet

Follow Ups:

• Re: Want "out" - Jim V 02:47:50 02/19/03 (0)

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: Hello, I have my first home and have been here less than a year. I want out of it because I am broke all the time, I am soon going to be without a reliable car cause I don't have enough money to buy another one, no money for anything. So I want out. A couple of friends of mine are suggesting I "walk away". I live in Canada and I'm not sure how the laws differ, but they claim I can just walkaway from the home. I am confused and overwhelmed and don't know what they mean about just walking away. Won't this effect my credit rating, and possibly even cause my wages to be garnished? I have been bankrupt already once and don't want to go thru that again. I would like to go thru voluntary foreclosure but I don't understand what's involved there. I can't sell the house cause the amount it would cost to sell it (with realtor's fee) would be more than I paid for the house. And I have no equity in the house cause I had it for such a short time. I really desperately want out of the whole situation but am not sure how to go about it. I am worried I will end up losing the house due to a high debt which I'm soon going to have if something's not done.

: Any advice appreciated, Janet


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