Deed in Lieu or Short Sale
I spoke with the representative with the first mortgage holder on my home in Maine today and they agreed to do the "Deed in lieu" if the 2nd mortgage holder will agree - so I called them, as well.
Apparently, if they do this "Deed in lieu" thing, Whatever is left over of the debt will be written off, and I will get a 1099 for the difference. I don't see how the government can consider it income, when I have lost EVERYTHING, but they would handle everything, and I would not need to do anything.
It doesn't look like I would even have to go up there and clean it out. Good thing, too, because I am not physically capable of it (or it would already be done), and I don't even have enough to hire a truck/dumpster/plow truck (to clear the snow out of the way), and the people I would have to hire to help me, to accomplish the task, anyway. There might be some money available, in theory, to help with this, but knowing my luck, it won't be available to me.
Should there become money available from them for this task, I can take care of it, pick up a few things that have been bothering me that I left behind, and be done with it. Should it not become available, I will have to adjust to the fact that these things are lost, and get on with my life.
Either way, if I can pull this off, by Spring I should be free of it. Since I already know that there is someone that wants the place, I think that it should be like nothing to actually sell the place - I feel that they should be able to get enough to pay off both mortgages (it is less than I put down on the property), but the neighborhood I was living in was not exactly friendly towards me and it was one of my neighbors who placed the low-ball bid.
I don't understand why my house is worth "nothing" now, because I put a lot of work into it. I don't understand why a little bit of work needed on the sheet rock would bring the house down from $150K to $naught when so much work has been done.
But then, there were a few things I was never able to do - and those were important things. I lived in hell for the better part of 7 years and I want it over, and if this "deed-in-lieu" can solve that so that I can move on and resolve my life, I am all for it.
If I went for the short sale option, I would have to do a lot of the work myself, and I don't feel capable of it. I'd have to go up there and clear the place out, leaving it in "broom swept" condition.
Not only do I not have the time, with my mother in the nursing home and my daughter in high school, my brother needing me, etc., but I don't want to take my car that far, so it'd have to start with renting a vehicle and go from there. I would have to hire people to do the work and dumpsters to haul the trash.
There isn't much up there that I would really want to retrieve, but there are some things - after all, everything was brought up there with me. My whole life's collection. My furniture is mostly gone, now, but there are a few pieces I left behind, and a few small things.
But I can live without them, if I have to, if they make me.
Apparently, if they do this "Deed in lieu" thing, Whatever is left over of the debt will be written off, and I will get a 1099 for the difference. I don't see how the government can consider it income, when I have lost EVERYTHING, but they would handle everything, and I would not need to do anything.
It doesn't look like I would even have to go up there and clean it out. Good thing, too, because I am not physically capable of it (or it would already be done), and I don't even have enough to hire a truck/dumpster/plow truck (to clear the snow out of the way), and the people I would have to hire to help me, to accomplish the task, anyway. There might be some money available, in theory, to help with this, but knowing my luck, it won't be available to me.
Should there become money available from them for this task, I can take care of it, pick up a few things that have been bothering me that I left behind, and be done with it. Should it not become available, I will have to adjust to the fact that these things are lost, and get on with my life.
Either way, if I can pull this off, by Spring I should be free of it. Since I already know that there is someone that wants the place, I think that it should be like nothing to actually sell the place - I feel that they should be able to get enough to pay off both mortgages (it is less than I put down on the property), but the neighborhood I was living in was not exactly friendly towards me and it was one of my neighbors who placed the low-ball bid.
I don't understand why my house is worth "nothing" now, because I put a lot of work into it. I don't understand why a little bit of work needed on the sheet rock would bring the house down from $150K to $naught when so much work has been done.
But then, there were a few things I was never able to do - and those were important things. I lived in hell for the better part of 7 years and I want it over, and if this "deed-in-lieu" can solve that so that I can move on and resolve my life, I am all for it.
If I went for the short sale option, I would have to do a lot of the work myself, and I don't feel capable of it. I'd have to go up there and clear the place out, leaving it in "broom swept" condition.
Not only do I not have the time, with my mother in the nursing home and my daughter in high school, my brother needing me, etc., but I don't want to take my car that far, so it'd have to start with renting a vehicle and go from there. I would have to hire people to do the work and dumpsters to haul the trash.
There isn't much up there that I would really want to retrieve, but there are some things - after all, everything was brought up there with me. My whole life's collection. My furniture is mostly gone, now, but there are a few pieces I left behind, and a few small things.
But I can live without them, if I have to, if they make me.
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