Posted by JR on July 03, 2009 at 12:35:19:

In Reply to: Re: Considering Default posted by fp on July 03, 2009 at 12:12:04:

The house is in Indiana.

I owe $79,505.

The only houses selling are the ones for less than $40,000 in the city it is located in.

I tried to sell it a little over a year ago for $84,000...no bites.

The monthly payment was $792, it is going up to $967 due to an increase in property taxes.

I am renting it for $650 (can't get more due to the economy in the city).

We will be moving to North Carolina.

In addition, I have reviewed the mortgage papers and they indicate that if I do default, I may end-up having to pay court costs and attorney's fees. Is this a usual clause in mortgage papers and how often is it carried-out?

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