I'm all googly-eyed after reading through so many posts on this site and have found many answers but still have a couple things on my mind...
We live in IL, and from what I've gathered if we let the bank (IndyMac) foreclose they could file a deficiency judgment. I've also learned that they couldn't file a DJ if we do a DIL, so it seemed logical that we strive for the DIL. However, it seems that most lenders want the borrower to try to sell first before they'd consider that option. We are so ready to be out of this house that the thought of spending time trying to sell it just puts another layer of bitter taste in my mouth because we know it will be for nothing (the prospects in our area are grim to say the least). So I don't see the point in even attempting it really. And even if we do attempt to sell and we don't get any offers and then try for a DIL there's no guarantee the bank would agree anyway.
So it sort of feels like a catch-22...and I'm needing a little guidance.
Additionally, I had seen some threads regarding spouses not on the loan being removed from the title for credit reasons- the mortgage is in my husband's name only but we're both on title...am I missing something, because I don't understand why me being on title would have anything to do with my credit. However we are going to keep my credit clean so if I am missing something regarding this, I'd like to know!
Finally, I just have to vent a little! A year ago I'd never have imagined we'd be in this situation, and even though we're ready to cut the cord, it's still not a fun prospect to be facing. I'm so glad to have found this site, though...just wish we would have found it before we sold our kid on the black market to pay the past 6 months of mortgage payments!