foreclosure property

[EJASHLEY]

I recently remarried and moved to Delaware from New Jersey. I had a lovely home in New Jersey. I had an home invester take over my mortgage payments back in July 2000. I happen to find out that he quit making mortgage payments in December, 2000 and skipped town. So that left me owing my mortgage company as well as my property going into foreclosure possible a lien or judgement against me. I am currently making mortgage payments on our home in Delaware. I cannot afford to make two mortgage payments. I have tried to get realtors to sell my home but they were not successful due to the neighborhood the house was in. I had perfectly good credit before all of this took place. I was going to file bankruptcy but that would definitly mess up my credit too for 7 years. My house is in foreclosure and that wouldn't look good either or my credit. What will be the best solution in handling this?

 

[jon_]

This seems to be more of a financial question. Off the cuff, one would think that some type of equity loan would be in order -- not necessarily from the house that you have trouble with, but from the other house or via some other assets that you may own. I don't think there is any legal protection that you can get for simply not being able to afford what you purchased, except for bankruptcy. Even that will not allow you to keep both homes.

 

[EJASHLEY]

when I moved to Delaware, my current husband had his own home for 10 years. So I moved in with him. However, my name is not on the deed. I do not own anything, no assets, nothing.......my home is the only equity I have which will be going into Sheriff Sale in 3 weeks......

 

[Michael Wechsler]

Don't know what I can tell you. It seems that this is a question of finding money from somewhere to make the payments or sell the house quickly at a loss. I'm hoping that the house isn't worth less now than it was when you bought it because then you might owe money in addition to the foreclosure. Hard to say but best of luck.