I may need to file a Deed in Lieu of Foreclosure
I purchased a home in November of 2024 and since moving in I’ve had nothing but expensive repairs due to the failures of my inspectors and the previous owners hiding significant damage.
This has resulted in an additional $30K personal loan in addition to $10K savings being spent on other repairs and a remaining $5K in debt my excavator is generously allowing me to chip away at.
I had to move out of the house because it was no longer livable and insurance wouldnt cover anything since it was damage from the previous owners. It is now repaired and ready for buyers a year later but now I need to remain close to my second job that is helping me pay for the loans. I’m working 70-75 hour work weeks and im exhausted and miss my friends and family.
I had the house listed last winter but no one wanted it, so I took out the $30K loan to make a significant improvement. Now I’ve relisted it and two months later still no one wants it saying it’s “not worth the money” even though I listed it for the price I paid + the amount needed for the realtors (I just want to break even).
What can I do? Is a deed in lieu of foreclosure my only option? I have a 750 credit score because I have always been on top of my finances but this is a hole I couldnt dig myself out of… any advice is appreciated.