My husband and I have fallen behind on our mortgage. We're not yet a month behind, but we desperately want out of this home because we can't afford it nor can we afford the upkeep. It's is falling apart around us. It needs a new roof (leaks), the boiler is from the stone age, it needs all new windows, and...well...I could go on, but let's just say it's just a money pit, (never buy an OLD house from the 1800's...live and learn) Obviously, we were young and foolish when we bought the property which is not worth what we paid for it, or even what we still owe on it... We also feel very unsafe in the neighborhood (middle of a bad part of the city) and desperately want out of the city! To make matters worse, the neighbors next to us are horrible. We are constantly having to call the cops on them, they blast their music night and day and our home vibrates from it, and we fear they're selling drugs! The property next door is an apartment building which is falling apart, and is currently in preforeclosure...Anyway, we are barely keeping our heads above water, as we're lucky we have $50 bucks to get us through each week after we pay our bills. We obviously never wanted to go into foreclosure, but here we are, about to take the plunge. Luckily, the house is ONLY in my husband's name, and my credit is pretty good. Anyway, I am just fearful of what is to come.
We're in PA, and I was wondering if anyone has dealt with foreclosure in PA, or has any advice for us?
I know that PA is a deficiency state, so they could come after us for any deficiency on the property, and I am positive that there WILL be one, since we owe $95,000 on the property, but there is no way it will get that. My questions are, what is the likelihood that the bank WILL come after us for the deficiency? We have crappy NationStar Mortgage...ugh.....
We have no assets, no savings or anything save a 401k which I know is safe. I've read so many different things, but most say that they probably won't come after someone in our situation because it would probably cost more in fees to come after us than just eat the deficiency considering we have no assets. Do you think that's the case?
Also, say for instance the deficiency is $20,000 which we would have to pay taxes on (unless my husband claims bankruptcy prior to the foreclosure) how much (around) would taxes be on a sum of that size? We really don't want to go the bankruptcy route too... I just want to know what we're looking at here.
One other thing, I've read so many conflicting things about the time-frame for foreclosures in PA. Some have said about a year and 2 months, and then I've read other sites that say about 140 days. That is a HUGE discrepancy! Does anyone have any approximate idea of how long we would be able to remain in the house? Obviously, the longer we could remain, the more debt we could pay off and the more money we could save up.
I lied, one more thing, our taxes and home owners insurance is in escrow, how does all of that work if we stop paying our mortgage?
Thank you in advance for any assistance you can provide!!!
:)
Edited 1 time(s). Last edit at 11/19/2014 11:35AM by puttputt.
