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We owe 900,000.00 on our home. First mort. 720,000 and credit

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We owe 900,000.00 on our home. First mort. 720,000 and credit line 200,000. We have 175,000.00 in I'RA's. We have spent the credit line over the last 3 years hoping for we would see some appreciation. We have 28,000.00 in Social Security income and 6,000 in misc. income. Mortgage payt. and credit line payment total 3,500 a mo. We have be taking money out of our savings to make mortgage payments. Likely, our home will not appreciate enough in next couple of years to for us to make any profit after repairs and agent commission. Refinancing not an alternative. Housing prices not going up. Our home value is apprx. 975,000.00 give or take 25,000. We don't want to put our only assets at risk (our IRA's) How do we get out of this mess. Is in lieu of foreclosure an option?
Submitted: 5 years ago.
Category: Legal
Expert:  MShore replied 5 years ago.

DCrane :

Thank you for the post, a deed in lieu of foreclosure is an option, as is a short sale (if the lender is willing to agree to a short sale situation). Your IRA and Social Security are exempt from creditor action to satisfy a deficiency judgment (you are subject to a deficiency judgment because the loans on the property are not all purchase money loans, per the refinance).

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