What could I do if I cannot afford my house payments? 8 Answers as of August 17, 2015

I bought a house I cannot afford. I thought there would be help paying bills but that did not work out. Now I need to know my options.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Ronald K. Nims LLC | Ronald K. Nims
You can stop paying and allow the house to be foreclosed. You can work out a short sale with the bank, if you can't sell the house for enough to pay the mortgage. If you can sell it for enough to pay the mortgage, you can sell it. You can work out giving the house to the lender. You can file bankruptcy and eliminate any debt on the house.
Answer Applies to: Ohio
Replied: 8/17/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You can sell it (if there is no equity, then its called a short sale); you can file bankruptcy to get rid of the liability for the mortgage note and then stay in house until foreclosure; or try to get a loan modification to get the payments reduced.
Answer Applies to: New York
Replied: 8/17/2015
Mauritz Van Niekerk, Attorneys at Law
Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
File for bankruptcy and then you do not have to pay the mortgage.
Answer Applies to: New York
Replied: 8/17/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
In a bankruptcy you can walk away from it without owning a deficiency balance. In California, if the loan was used to buy the property (and not a refinance) you can walk away without filing for bankruptcy. If you got a second mortgage after you bought the house, you will need a bankruptcy to get rid of that loan. Of course you can stay in it until they foreclose. When that will happen varies by state. Maintain the property if it is really under water. The lender won't foreclose for awhile if the house is being cared for.
Answer Applies to: California
Replied: 8/14/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
You could apply for a loan modification, but you will need to meet eligibility requirements. More information about your circumstances would certainly be helpful which is why you may want to meet with an attorney in person.
Answer Applies to: Nevada
Replied: 8/14/2015
    Danville Law Group | Scott Jordan
    Without having more information, it is impossible to give you direct advice on your options. With that said, your options really depend on where you live. You can always try to sell it and try to pay the mortgage off. If it is a short-sale, you can sell with the banks' permission. If selling is not an option, you can not pay and let the bank foreclose. Depending on where you live, a foreclosure could take up to 1 year, which means 1 years worth of free living. However, with each option there are risks and you should consult an attorney, cpa or realtor to go over your options.
    Answer Applies to: California
    Replied: 8/14/2015
    Patrick W. Currin, Attorney at Law | Patrick Currin
    If there is equity in the home then sell. If not, try a short sale. Do not wait for foreclosure or abandon the home.
    Answer Applies to: California
    Replied: 8/14/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    First things first: consult a lawyer well-informed about the interaction of bankruptcy and real estate law. In most federal districts, you can use a bankruptcy to walk away from a mortgage without having to pay a deficiency. But the law as practiced does vary from State to State, and to some degree from district to district. You could also check with the lender and see if they will accept a 'deed in lieu' of foreclosure, so long as they also waive any claim to a deficiency. This might obviate the need for a BR.
    Answer Applies to: Wisconsin
    Replied: 8/14/2015
Click to View More Answers: