I am 62 years old and have recently had to file bankruptcy. As my time on this earth is limited, I would like to foreclose on my home and get into an apartment that I can better afford. More money is going out than coming in and I’m not living happy.
At my age, credit is not an issue for me. I’ve got a newer car that is paid off. My house was on the market for 1 year and wasn’t able to sell it. I have no equity in it. I have family members that can help me get into an apartment.
I just want to get the house from underneath me and move into an apartment where my payments would be a savings of $1,000 a month. I want to live the rest of my life happy and be able to buy things for myself from time to time.
Is it bad for me to want to foreclose??
Repossession
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it is not bad to want to be happy. apparently the only thing standing in your way to happiness is a large mortgage payment. Age 62 is not that old. things might improve in the next few years and you have wished that you hadn’t let the bank foreclose and ruin your credit. You are not ready to check into a nursing home yet are you?
Hey, how about finding a spouse to help you financially and enjoy your life?
Have you talked with your ender? Sometimes you can do a “deed in lieu of foreclosure” to satisfy the debt. this would keep the foreclosure off your credit and relieve you of the financial burden. You would still take a hit on your credit but not as bad as a foreclosure.
foreclosing is one of the worst things that you can do, it will destroy your credit, and they will come after you for everything you have (paychecks, any assets including your car cause its paid off, etc). I work helping people save their home from foreclosure, and this is how I know all of this, I work for a real estate attorney. Feel free to email me if you have any questions…ill be happy to answer any questions & good luck!
wow, it must be nice to have just purchased a new 50″ Hitachi plasma 1080 and a Magnavox Blu-Ray player and also file BK. I wonder why????
You can foreclose. Sure, but your credit isn’t the only issue. The bank WILL require the money they lost and the IRS will demand that you pay taxes on the bank’s loss. YOu can’t just walk away.