Owner-Financed Foreclosures

Posted by C. Rogers on February 27, 2008 at 11:56:13:

Because of the housing industry downturn, my husband's small general contracting business has gone under and he's not finding work. We live in a VERY small rural town and I already had to take a job commuting 50 miles when I was laid off last year, because of the housing market. We are nearing 30 days past due on our owner-financed home and are about to throw in the towel and just move to the city. Of course our property is now worth much less than our loan balance and we'd really like to avoid bankruptcy because we have really good credit and are not past due on anything else. We're scared of foreclosure because we read that sometimes lenders will get judgements against the foreclosee for the difference between the loan and what they were able to sell it for. Can we approach the owner with any alternatives? If the owner is open to it, is there any way to just sign the deed over to her or something of that nature, to avoid escrow costs, etc?

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