Hello All -

This is my first time here. I was reading a couple of questions that others had asked regarding giving their homes back to the bank. I have a similar question, but I have about $50K in equity in my home right now. Here's the situation.

My husband and I are divorcing, he just moved out, upon my request (he was having an affair, and more... )... I can afford to pay the mortgage payment myself, but it's pretty tight with all the other misc. payments I have.

Our development is only 5 years old. In those five years, only two of the homes like our have ever gone on the market. When they go up, they are sold within two weeks. We live in a highly desirable neighorbood in our city. Unfortunately, right now the market is awful here in California, Sacramento specifically. There are currently THREE of our Same house on the market. They have been on the market for several months and have continued to drop their price. My $50K is based on lower than what any of these homes are currently listed at.

We owe $388,000. This time last year it appraised for $600,000, the year before for $500,00. The three on the market are now priced between $450K - $458K, one is on my same street. Simple thing is that I don't want to deal with painting the house (we have two boys, the walls need painting), fixing the screen, keeping it clean for showings, and dealing with a realtor who, with the buyers realtor will cost me 6%. I don't care... I just want to move.

I have outstanding credit and don't want to ruin that. Please don't ask me why my husband isn't helping... and he now says he doesn't care about the equity, that I can have it. I don't care.

I'm thinking the bank would come out ahead. But I'm afraid to call the bank, because I don't want them to put a note somewhere that I'm some sort of risk now. I'll go through all these motions if I have to, to save my credit, but I certainly don't want to.

Any advice is greatly appreciated.

Thanks,

Paint it, fix it and sell it, If the bank sells it at a foreclosure acution, your home will most likely sell for less than you owe.

Your credit will be ruined. You can ask the bank, but don't expect them to want to paint the house, fix the screens, mow the yards and so on.