Denver Bankruptcy Attorney
Q.We bought a home two years ago. Now we need to sell it before the end of the year. We had it on the market since March, the asking price is enough to cover the loan, we wont be making any money on the sell of the house. So far no takers. We live in Denver and the Real State market has gone flat in the past year. If the house does not sell by November it may have to go into foreclosure. If this happens we are contemplating BK since our credit will be ruin by the foreclosure. My husband is military retired and gets a military pension, I have being on disability for the past 3 years due to cancer and multiple surgeries. We are moving out of state due to health problems, we are in our late 50s and can not afford to put off the move until the house sells. Any opinions on this?
A.The real estate market is really hot in most parts of the country these days, especially the last 6 months. So, it's hard to understand why a house you bought 2 years ago won't sell for the balance on the mortgage. If you have it listed through a realtor, that could be the problem because the amount you would get after paying realtor commissions might be less than the balance on the mortgage. Another problem could be if the house is in a "problem neighborhood", but even those properties haven't gone down in value over the past 2 years. You could try renting the house with an option to buy, or just a straight rental. The idea would be to get enough in rent to cover your mortgage and expenses. You would then be able to get some tax advantages from the rental, but more important would be that it could buy you some time to avoid bankruptcy. Since you are moving out of state, you should probably use a realtor to obtain the tenant, collect the rents, and manage the property on your behalf. Just don't allow a clause in the agreement that gives them a sales commission if the tenant buys the property in the future. If problems occur and you end up losing money on the deal, you might end up still having to file bankruptcy, but it's worth a try. If you are really lucky, get a good tenant, and the property values go up, you will come out ahead. Also, without giving out your address, you might want to post the type of house, asking price, and general location (like nearby cross streets). Who knows, maybe someone here will know of a buyer. If I lived anywhere near Denver, I'd ask you more details about it (off line) because deals like yours can turn out to be good for real estate investors. But, I'm too far away for that to make any sense.
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