Allow house to foreclose?

[burdett]

my father in law is recently retired. we are in OHIO...he receives 1800 a month retirement....he was divorced yrs ago and lives in the same house that he can not keep up with....it is too big for him since he now lives alone.... (4 bedrooms, 2 baths, 2 living rooms) 1 acre yard....it is supposedly worth 1140,000..however he has been trying to sell for 3 yrs now w NOT ONE OFFER...we have tried diff realtors...sell by owner...still nothing....meanwhile the house need works...and for awhile he kept putting money into it..(got equity loan to fix some of it thinking it would help it sell)..still nothing....

he desperatley wants it to sell.....as he wants to go rent a one bedroom apt....


his 1st mortgage is 426/mo..and equity is 688 a month...so he pays roughly 1100/mo..then of course taxes/ins added to that..and all bills...leaves him w no $$ to live on...he owes 88,000 on the house


since we are in area where houses are not selling...he was thinking just stop trying to pay...


he does have medical bills..and a few cc...

would it be best to file bankrupt?? or foreclose??

he wants to stop paying the money for the house falling apart so he can live and get a smaller rental....


please any advice at all!!

[wattekinson86]

You don't say what the house has been listed for recently. Put the price down low enough to just cover the mortgages and the closing costs.

The equity loan was obviously a mistake but it is too late to worry about that now. Just get it sold.

If that is possible, talk to both lenders and see if they have any way of facilitating a sale.