How can I get out of my home if it needs extensive repairs and I want to avoid foreclosure?
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How can I get out of my home if it needs extensive repairs and I want to avoid foreclosure?
I have a house that is not worth repairing. The foundation is cracked and the house is sliding forward and the basement wall is buckling. The leaks from the water pouring into the basement have cause a lot of mold. I want out but afraid of foreclosure but my credit is already shot from trying to avoid foreclosure. What can I do from a legal perspective to get out of this house (my insurance doesn’t cover settling of the house)?
Asked on June 16, 2011 under Real Estate Law, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your situation and I can see how you would just like to walk away and start over. If all you want to do is to get rid of the house you can see if the lender will accept a deed in lieu o foreclosure. That is where you sign ov er the house to the lender without them having to go through the trouble of formally foreclosing on you. Make sure that the lender waives the deficiency in the mater. If you want to deal with all your bills at the same time you should speak with someone about filing for bankruptcy as an option. Good luck to you.
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