We moved out of state and could not sell our home so it is now rental property. NOW, the main sewer line needs to be replaced at a cost of $9500.00 which we do not have.
If we just walk out on our loan, can we eventually be sued and sent to jail? Would it be better to claim bankrupty?
I realize the credit issues with bankruptcy and foreclosure etc..Walking out on a mortage vs filing for bankruptcy on the mortgage?
(1) There is no debtors prison in the US. They can take the house, go after your other assets, and sue you, but they cannot put you in prison.
(2) Never just ';walk away'; from your problems. Managing them assures that even in bad situations will come out the best possible way.
Talk to a credit counselor.
Speak to a Realtor and or the mortgage company about doing a short sale and or an ';as is'; sale.Walking out on a mortage vs filing for bankruptcy on the mortgage?
You could try a short sale, I don't know the details on listing it, but it definately wouldn't be as bad as a bankruptcy. Talk whomever has your mortgage now and tell them your situation, if you keep them in the loop they are much more likely to work with you later.
file it makes it easier on you.
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