opinion on surrendering house

[hughewil]

finally got my house appraised.

I owe 112,500 on 1st mortgage and teh house appraised at 110,000.

is this to close to get the second stripped? The thing is I won't file for another 5 months so the 112,500 will come down even more I am afraid that the amount is to close and I won't be able to strip the second. If that's the case I am going to have to just give up the house, I hate to do that unless I can file chapter 7

[keepinitreal]

Who knows, in 5 months your house may be appraised at even less than the current $110,000. Now that the government is no longer subsidizing home purchases, home buyer interest may drop off the cliff.

[SMinGA]

Are you current on your mortgage now? If behind, how far behind are you?

Depending on how long it takes to foreclose in your state, one method would be to stop making your mortgage payment in order to prevent your mortgage balance from dropping.

[hughewil]

At this time I am not behind on either mortgage.

I am torn between trying to save the house, and just letting it go and file chapter 7 and start over.

On 1 hand my family has lived here and we have paid on it for 10 years, on the other hand the house needs some work and we can not afford it unless we get rid of the 2nd mortgage.

My big fear is if we give up the house where do we live? How do I find a rental in a 1/2 decent neighboorhood when I have declared bankruptcy.

I have an appointment with an attorney (2nd one i have seen) monday they guy spcializes in personal chapter 7 (at least that is what he advertises)

[jmanford]

where can you buy a house for 112k? I'd like to move there.

[hughewil]

northeast ohio, same place that pays 50k/year if your lucky.