[all_alone]

I'm getting a divorce and have to move to my home state with the children. I can't wait for home to sell and we both can't afford the mortgage. Should we foreclose?

[JudyKayTee]

Do you mean should you allow the bank to foreclose? You can't foreclose on your own house.

It depends on your general financial condition. Your divorce Attorney will undoubtedly also have an opinion concerning what is best for you in this situation.

I would seek legal advice.

[Fr_Chuck]

So many issues,

1. do you have the family court permission to move out of state with the children, the father of the children will have to permit it.

2. you do not have a choice on foreclosure, you merely don't pay, and the bank at some point in 3 to 12 months will foreclose on the property.

So if you can't decide who gets the house, and can't rent it out or sell it, then walk away and the bank does the rest.

[all_alone]

so many issues,

1. do you have the family court permission to move out of state with the children, the father of the children will have to permit it.

2. you do not have a choice on foreclosure, you merley don't pay, and the bank at some point in 3 to 12 months will foreclose on the property.

So if you can't decide who gets the house, and can't rent it out or sell it, then walk away and the bank does the rest.

We took out a VA home loan. Do you know if that is an issue for the bank to foreclose?

[JudyKayTee]

What do you mean by an issue? You don't pay, they foreclose. It's what happens after that that matters. Bad credit, being sued for the balance if/when the house is sold?

You need to speak to an Attorney.

[DoulaLC]

Another option to discuss with your attorney would be the possibility of a short sale over letting the house go into foreclosure. Your credits will still take a hit, but it sometimes will be better than going through foreclosure. There can be advantages after the fact as well when you are ready to purchase a new home.