Finding this site has been very helpful, but there's so much information, I've now got questions on top of questions...
My fiance and I are trying to start our lives together here in Foreclosure Central, Nevada. Of course this housing crisis is making it very difficult. On one hand, I luckily have excellent credit, and I can qualify to buy a home on my own.
On the other hand, due to some old issues and terrible timing, my fiance is struggling with this mortgage on a house that has turned into a money pit when we look at the numbers. What was supposed to be an investment has turned into a black hole. He has his job, but there are ongoing layoffs, so it's not terribly secure. He has not been able to save anything, and has run up his credit cards trying to keep up, which consequently has ruined his credit. A foreclosure on his credit report is not a deal breaker.
First Franklin mortgage $260,000
Home could sell for $110,000 - $140,000
Monthly payments $2100
No second.
He tried to do a loan mod months ago, but nothing is happening with it. When I checked out this forum, I realized that the mod is not going to solve our problems and may just aggravate them.
We've done a lot to this house to make it comfortable, and now we just have the expensive work such as siding, windows, etc. Before we dump more money into this, we need to figure out if "walking away" is most logical. (We're not emotionally attached to the house, just totally frazzled about the debt.)
I think the biggest concern is the possibility of being sued (deficiency judgment) by First Franklin. We need to know what is the likelihood of it happening, and if there's a way to protect ourselves if it does. Should he just call and tell FF that he can't pay anymore? Should he just stop paying and plan on moving? Would he have to pay the monthly mortgage if he tried to pursue a deed in lieu of foreclosure? On a lighter note, how long before it's "safe" to get married?
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