Hello. I need to find information regarding Divorce and having negative Equity in our home. What do we do? We have around 30k or more of negative equity in our home, largely due to refinancing and exaggrerated appraisals for those refi's. Neither my wife nor I want to stay in, or can afford to live in this house. From what I understand one of us could file chapter 13 bkcy and restructure the loan. Neither of us want to do that as we don't want the house and want to move. The other option that I am aware of is Foreclosure. If we let the house go back to the bank in a foreclosure would we be responsible for the negative equity, fees, repairs, etc that the bank would do before selling the house? If so, would we be able to file bankruptcy on this debt?
My wife can't afford the house. I won't be able to afford the house likely either and need to move over 100 miles away for family support to care for our special needs child which I will have custody of (uncontested). We don't have family members in which we could borrow the money from to cover the difference and neither of us can refi the house due to the negative equity and credit issues.
What can we do?
My wife can't afford the house. I won't be able to afford the house likely either and need to move over 100 miles away for family support to care for our special needs child which I will have custody of (uncontested). We don't have family members in which we could borrow the money from to cover the difference and neither of us can refi the house due to the negative equity and credit issues.
What can we do?
