Friday, May 1, 2015
Filed bankruptcy. Is it worth keeping the house?
The house is under water. Owe $15,000 more then it's worth. The house also needs roof repairs. It will cost me $5,000-$7,000. And it won't add to the value, of the house. It may take 5-10yrs to get the house value above what I owe. But even after my other debt is gone, I an still barely making ends meet. I asked my mortgage company to do the HARP loan, to lower my interest rate. But they lost my papers twice, and I ended up filing for bankruptcy. But now I can walk away, save the $10,000. And start over. My question is, I would be willing to stay, and borrow, to repair the house, if I got a refi, so I would have a chance I could make it. But with the loan as high as it is, and the repairs, I just will not last more then a year. And I would loss the house anyways. So do you think I can suggest to the bank to refi, or just stop paying the mortgage and walk away. I am already at a $25,000 loss. To add another $15,000. And lose the house does not make sense. I am willing to take the risk, but not if the bank, who got me in this mess anyways, is not willing to help. What's your opinion?
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