I know I need to consult with a lawyer but wd appreciate your take on this. my story is unique in that it has the "overseas" element in it.
For reasons related to my father illness I have to move overseas within about a year or so. I have to take care of an ill parent there and not any other place in about a year when someone covering that now is not going to be doing it any longer.
I have two properties one is a side by side duplex that is rented. only 3 years into a 30 year high mortage. I think i will able to just walk away from that property w/o worries because the mortage contract specifies a "non-recourse" foreclosure if it happens. (I may still claim their loss as income on my taxes form 1099 or whatever it is). I am not intrested in having anybody manage that property when I am gone overseas. I put several dozen thousand dollars into the proerty over the yeats and had put all my savings on its doen payment. so I will need to ride the foreclosure process and colect some rent to recover.
My second property a small cando which is my main residence bought for 52k now its worth 15K. I owe 24K on it so I also need to walk away from it and try to live there as long as possible until forclosure.
I currently have 28K in stock market
about 5K in compnay stick purchase plan
and I co-own a cheap house in the getto down cleveland that was bought for 6K
my mini van is not worth much maybe $800
Family of 4 ( 3 kids all under 4) and wife dont work
I make about 63K a year gross
$1000 in medical bills
no other debt
Credit score is 775 (but even if its 400 it doesnt matter if I go overseas for 10years sthen come back)
what kind of planning should I do ahead of this event in about a year. should I move money from sticks and thry to slowley bleed them so bank foreclosing on my cando wont take them. is this more like a bankrupcty case.?
should stop paying mortage on both properties now? what about the property taxes?
how about my income tax, I get a huge refund now based on 3 kids. still pay off the bi weekly pay check as if I was single.
I am not intrested iin taking cash advances etc and run with money. just to let go the properties and recover some of the money i spent on them thinking it s along term investements.
what are your thought? thx
For reasons related to my father illness I have to move overseas within about a year or so. I have to take care of an ill parent there and not any other place in about a year when someone covering that now is not going to be doing it any longer.
I have two properties one is a side by side duplex that is rented. only 3 years into a 30 year high mortage. I think i will able to just walk away from that property w/o worries because the mortage contract specifies a "non-recourse" foreclosure if it happens. (I may still claim their loss as income on my taxes form 1099 or whatever it is). I am not intrested in having anybody manage that property when I am gone overseas. I put several dozen thousand dollars into the proerty over the yeats and had put all my savings on its doen payment. so I will need to ride the foreclosure process and colect some rent to recover.
My second property a small cando which is my main residence bought for 52k now its worth 15K. I owe 24K on it so I also need to walk away from it and try to live there as long as possible until forclosure.
I currently have 28K in stock market
about 5K in compnay stick purchase plan
and I co-own a cheap house in the getto down cleveland that was bought for 6K
my mini van is not worth much maybe $800
Family of 4 ( 3 kids all under 4) and wife dont work
I make about 63K a year gross
$1000 in medical bills
no other debt
Credit score is 775 (but even if its 400 it doesnt matter if I go overseas for 10years sthen come back)
what kind of planning should I do ahead of this event in about a year. should I move money from sticks and thry to slowley bleed them so bank foreclosing on my cando wont take them. is this more like a bankrupcty case.?
should stop paying mortage on both properties now? what about the property taxes?
how about my income tax, I get a huge refund now based on 3 kids. still pay off the bi weekly pay check as if I was single.
I am not intrested iin taking cash advances etc and run with money. just to let go the properties and recover some of the money i spent on them thinking it s along term investements.
what are your thought? thx
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