Originally Posted by cinderellawkids

I have some decisions to make and Im weighing things out, but I ahve lots of questions. Its sorta funny because for work Ive handled all the paperwork regarding these things, but besides the paper shuffling I know very little. SO Im asking for insight from any who have gone through this stuff.

My old home is vacant, has been a while. The market everywhere is shot, and particularly here in this area. There have been no bites on paper ads and signs for the house (which needs some work) at $69,000. Not even any lookers. A realtor is meeting me there on Friday but doesnt think selling it for that price, or in that range should be a problem. (Is it there job to say that?)

Im making payments and have fallen behind. I got the intent to accelerate letter , I can fix it by the deadline (Jan 3), but Im trying to decide if I want to. Insurance is due Dec 26, I am not planning on paying it, I cant get in any deeper. I owe $47,000.

I only want to sell it to walk away. What happens if I sign it over to the bank? How does that appear differently than a foreclosure? Does it?
Now if I choose to do that, I may choose also to file bankruptcy. I know complete charge offs are harder to get, but I think I qualify if the house is gone. Does that wipe a foreclosure off your record?

How does rebuilding work?

Any insight would be helpful, because if I choose to proceed with selling now and rememdy the deliquencies, I could be looking at this same issue when I reevaluate in 6 months