My soon to be ex left me with the house in California. I cannot afford it and she won’t sell. Cannot afford to get atty involved as there is no gain. Should I just go through foreclosure?
A: Is a divorce pending? Will you be entering into some type of property division agreement? If so, and she releases her interest in the property, you may want to consider selling the property. If there is no equity in the property (is that what you mean by "there is no gain"?) - a short sale (selling for less than owed, with cooperation from the lender(s) to take less than owed) might be an option - eliminates foreclosure on your credit. Without her cooperation, you can't sell unfortunately. Then the only option is remaining in the property as long as you can - awaiting for the lender to proceed with foreclosure.
A: You should not allow it to go into foreclosure if you can. Of all your options foreclosure does the worst to your credit record. I have helped 100's of people do a short sale in similar situations. You can call me to discuss at 916.442.6400.
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