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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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My husband and I acquired a property in Indiana 11 years ago

Customer Question

My husband and I acquired a property in Indiana 11 years ago which we have paid on faithfully. Two years after we bought the property we were transfered by our work to Ghana Africa. We hired a property manager that kept the house rented for us until last year when our tenant moved out leaving the house a wreck and needing $5,000 in repairs, which we cannot afford. The house has now been empty for more than a year. We tried to sell the house with no success, so we decided to attempt short selling it. Chase rejected the short sale on the grounds that we had never been delinquent on any of our payments and said that we could reapply when we went delinquent.
We desperately need to get out from under this house. We do not intend to live in the area where the house is again, and are starting to deal with so health complications. We owe $70,000 on it and our best offer has been $40,000. A friend suggested we do a deed in lieu, but we do not know if this is the best solution. Is there any way to get out of this without destroying our credit score of 785?
We do own another house in the area that we intend to sell after we get rid of this one. We owe nothing on the second house which has also depreciated terribly since we bought it. These houses were a retirement investment for us, and when we purchased them they together were valued at $220,000 but now the two of them together will not bring $60,000. We need advice on what to do.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Irwin Law replied 2 years ago.
Your situation is complicated, but the simple answer at this point is to stop making the payments and put the homes on the market immediately through a local real estate broker. Many brokers refuse to handle short sales because Chase and other big banks have made them a time consuming nightmare, especially when the sellers are out of the country. I am in Indiana and I might be able to assist better using the direct contact feature of our additional services.