Colli Real Estate

Should I foreclose and how do I do it right?

We own a house near Baltimore that frankly, we can’t afford anymore. It’s also in a town that I consider to be very unsafe and the payments are totally not worth it for the area we are in. We found a house to rent in West Virginia and want to do it immediately. Realistically, we can’t sell this house. We tried over the summer and got nothing and we don’t have months and months to sit here and wait. We bought the house for $210K and it appraises now for $240K, so that’s good, but like I said, we don’t have time. We want to be out by Jan and we don’t want any ties to this area so we don’t want to rent it out. How do we get rid of this house the best way possible? We are ready to just walk, but we want to do it right. Should we do a deed in lieu of foreclosure? Thanks for any advice!!
Oh, I probably should say that we are almost 2 months behind in paying and the check bounced.

NO you should not, and CANNOT foreclose. The BANK forecloses if you don’t make your payments. You need to SELL the house. If you are willing to give up most of the equity, you CAN sell the house by the end of January.

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