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contactfrancis

Live in Oregon
80/20 with Wells Fargo,220k 1st & 50k 2nd.
home is 120 years old and in desperate need of a new foundation. I have no cash for such a fix and market drop makes it no longer a financing option. So I assume I need around 75 to 100K in improvements. The homes location is burdend by OHSU and their free ride in Portland. I may end up in jail or the mental ward from the abuse I take, corrupt city officals aide and abeit the perp so I have no remedys short of threats and vandillism. The stress is literally eating me up and can't sleep and health is getting worse from constant stress and harasment. With this battle going on so long and all my attempts to handle it legally I have left a history of problems with the property that hurt it's resale value. Market now if lucky would bring maybe 200-225k if it could sale. I believe the market is going down maybe for at least 2 more years, my health and sanity will not last that long. We can afford the payments just not the stress and worry of house collapsing, or punitive actions of Multnomah county if we try to stay, in regards to permits and zoning declarations if we attempt to fix house myself. I need help and answers, but have been tremendously harmed by attorneys/realestate law same house and portland corruption. What would be best way to go about dissolving this burden from my life.

adonis · Posted: Tue Feb 01, 2011 9:06 pm Post subject:

Welcome contactfrancis,

If you're unable to pay off the dues, you can apply for a deed in lieu of foreclosure in order to get rid of the mortgage and the property. You should contact your lender in order to apply for a deed in lieu of foreclosure. If the lender agrees to it, then you won't be liable for paying the deficient balance to the lender. However, the second lender can come after you in order to collect the dues.

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I have a 1st and 2nd with WF, Can I quit second to force forclosure on 1st in order to avoid the charge off collection route?

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