Thanks ahead for the time to offer your advice.
I am in a very desperate situation right now. I purchased a home back in 2004 which has given me nothing but headaches since the very beginning. I have lost way over $60K of my savings on this house. I have placed the house on the market several times(even when the market was well) with no success. The house has been on the market for months now to try and do a short sale but not one offer has been made. I am now facing foreclosure procedures. I call the bank everyday to see if they have a sell date, thank God nothing yet.
I really don't care about keeping the house at all I just want to get rid of this stupid house and be able to work on my credit as I go. I am way behind on payments, but my financial situation is not bad at all, I'm working and don't have a problem with that, I just can't keep digging out of the little savings I have to keep paying off this house.
I have seriously been contemplating a deed in lieu, the problem is that I have two loans on the house, both with Wells Fargo. The 2nd loan, home equity, is currently charged off (therefore I now have a lien on the house) and the bank has offered me a 50% payment to cancel the debt, which comes down to $16K or so. Here is where I need advice on:
1 - Should I hold off on paying the settlement amount, hire a real estate lawyer to help me with the deed-in-lieu and see if the bank accepts to the deed-in-lieu
2- Should I first pay off the settlement amount and then hire a lawyer?
3 - Any other options of suggestions that you can throw my way will be more than appreciated.
Thank you all.