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Should I Walk Away?

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New Contributor

Re: Should I Walk Away?

Negative. Not unless everyone agrees.
Message 21 of 32
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Contributor

Re: Should I Walk Away?


@SouthJamaica wrote:

@MrSteel wrote:
I am already the administrator. Can’t do anything with the house as it’s in probate. It’s also being split 4 ways. Lol

Your lawyer says you can't do anything with it?


Plus one on the lawyer.  What kind of equity is in the house?

Message 22 of 32
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New Contributor

Re: Should I Walk Away?

Quite a bit but selling is not an option. Many say that but I would be a fool to do that.
Message 23 of 32
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Valued Contributor

Re: Should I Walk Away?


@MrSteel wrote:
Quite a bit but selling is not an option. Many say that but I would be a fool to do that.

I'm confused as to how you'll be buying out the other 3 people then.

 

I don't see this so much as a matter of keeping the house, but more of you needing to be ready to BUY this house.

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Message 24 of 32
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Senior Contributor

Re: Should I Walk Away?


@Treasurecredit wrote:

@MrSteel wrote:

I know it’s going to be bad for a while if I do this but is there anything I can do to mitigate the damage? I plan on keeping several of my high cards in good standing but everything else will be defaulted.



Even though you keep the cards in good standing, the creditors will likely close them once they see you defaulting on others.


+1...Thats a sure thing.

Message 25 of 32
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Valued Contributor

Re: Should I Walk Away?


@MrSteel wrote:
I am already the administrator. Can’t do anything with the house as it’s in probate. It’s also being split 4 ways. Lol

What do you mean by split 4 ways and unless every agrees? Do you mean your brothers/sisters/family?  If there was no will, it makes sense that the house will be going to all of you.  What are their ages? are you the oldest? What are their financial situation?

 




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 26 of 32
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Frequent Contributor

Re: Should I Walk Away?

If you are thinking about "walking away" understand that you are walking away from everything. Not just the car, not just one credit card. The others will be closed by lenders when they see what you are doing. You will be entering a world of financial ruin and hurt for years if you do this. 

 

You really think its ok to give up literally everything credit related for the house? Just move man, if you cant afford it you cant afford it. It is what it is but I would not give up my car and drag my name though the dirt but thats just me. 

 

If the 3 other folks want to keep it they need to do their part, otherwise you need to sell it. Besides you said it had a good amount of equity, selling it is likely your best choice right now. You cant default on the car to keep the house, credit doesn't work that way. Youll never be approved. Way I see it, you have to sell. 

807 TU FICO Score 8.
Message 27 of 32
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Valued Contributor

Re: Should I Walk Away?

+1 above - I understand that it is a sentimental attachment, but you should not let your credit go down the drain because of the house.  Sell it, split it 4 ways and use that money to pay your CCs off and have $ for a downpayment at a house YOU CAN AFFORD.

 

Maybe this new change will be good for you...and I'm very sorry about your mom.




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 28 of 32
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Valued Contributor

Re: Should I Walk Away?

Sorry for your loss, but I agree with the two above. Sell it split it 4 ways pay off your debt and keep your good credit and buy when you are ready and able. I know it's hard but sometimes you just have to let things go. Dv


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Message 29 of 32
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New Contributor

Re: Should I Walk Away?

First off, sorry for your loss OP. 

 

No offence, but by the tone I am getting it sounds to me you have already made up your mind and are just looking for people to reaffirm what is in my (and it seems many others) opinion a very bad plan. Every suggestion youve been given so far has bassically just been shot down without any real consideration. 

 

If you go ahead with your plan of defaulting you will very likely end up in the near future with no car, no CCs, a destroyed CR, and no house. 

 

You cannot just keep the house by walking away from all your other debts. Its not going to work that way. The house is not even yours to decide what to do with. Its yours and 3 others. Walk away from the house (probably with some $ after its sold and divided up in the futre) and rent an appartment. Keep paying your car and your CCs.

 

But again you sound like you made up your mind before you even posted.

 

This will be your mistake to either make or not make. Its up you you. Good luck

Message 30 of 32
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