Posted on: 14th Apr, 2009 12:59 pm
I have a house which was purchased under my name since 2001. Due to a job change a few years back, I moved to my gf's house. Her loan and title is under her name in the house we are living in now. We got married soon after that and I rented out the house I purchased.
Now with the housing market as it is in the metro Detroit area, it doesn't make sense anymore for me to keep the rental home. Can it be considered my primary residence since my driver's license, water bill, utility, etc. is still under my name? In addition to the 10% downpayment I put down when I first purchased the house, I've spent more than $30k, changing the sidings, windows, carpets, appliances etc. Despite all these, if I were to sell the house now, I can't even pay off the mortgage completely. I would probably still owe about $40k after paying the real estate agent fees. I should add due to the glut of homes in the area, finding a renter is almost next to impossible now.
I bought at a time when prices were high, and despite putting down 10% and getting a reasonable 30 yr fixed mortgage.
We would like to just live in my wife's house now and trying to find the best way to get rid of my house.
Like I said, if I sell it now, I might owe $40k (maybe $30k). What are my best options?
Can I file for Chapter 7 or 13 eventhough I could actually afford the payments? Well, I should say, if I pay for my mortgage, then my wife has to pay for her mortgage on her own and we would be living paycheck to paycheck due to recent paycuts (approx 40% less pay) and a new addition to the family.
I won't be buying any cars or houses any time in the new future nor a need to apply for any loans of any kind.
I don't really care about my credit history. I can live with a black mark for 7 yrs.
I just don't to get into a situation where one of us looses our job and then we can't even provide for our young one with 2 mortgages.
Now with the housing market as it is in the metro Detroit area, it doesn't make sense anymore for me to keep the rental home. Can it be considered my primary residence since my driver's license, water bill, utility, etc. is still under my name? In addition to the 10% downpayment I put down when I first purchased the house, I've spent more than $30k, changing the sidings, windows, carpets, appliances etc. Despite all these, if I were to sell the house now, I can't even pay off the mortgage completely. I would probably still owe about $40k after paying the real estate agent fees. I should add due to the glut of homes in the area, finding a renter is almost next to impossible now.
I bought at a time when prices were high, and despite putting down 10% and getting a reasonable 30 yr fixed mortgage.
We would like to just live in my wife's house now and trying to find the best way to get rid of my house.
Like I said, if I sell it now, I might owe $40k (maybe $30k). What are my best options?
Can I file for Chapter 7 or 13 eventhough I could actually afford the payments? Well, I should say, if I pay for my mortgage, then my wife has to pay for her mortgage on her own and we would be living paycheck to paycheck due to recent paycuts (approx 40% less pay) and a new addition to the family.
I won't be buying any cars or houses any time in the new future nor a need to apply for any loans of any kind.
I don't really care about my credit history. I can live with a black mark for 7 yrs.
I just don't to get into a situation where one of us looses our job and then we can't even provide for our young one with 2 mortgages.
hi guest!
as far as i know, your property will not be considered your primary residence any more as you have rented it out. rather than filing bankruptcy, i would suggest you to apply for a deed in lieu of foreclosure. this will help you in selling off the property but you will not have to pay the deficient amount resulting from the sale of the property. however, your credit will be badly effected.
as far as i know, your property will not be considered your primary residence any more as you have rented it out. rather than filing bankruptcy, i would suggest you to apply for a deed in lieu of foreclosure. this will help you in selling off the property but you will not have to pay the deficient amount resulting from the sale of the property. however, your credit will be badly effected.