I own a house in Ft. Worth, worth approx 90k, the payoff is right around 65k
Recently there were some major plumbing issues that flooded the house.... Repairs could cost anywhere from $5 - $10,000........ I was informed that insurance would most likely NOT cover this due to previous damage.
I cannot personally afford to pay for repairs so at this point I'm thinking my only option is to just let the house go, let the bank come get it.........
I read something about a short-sale, would this be a bad option?
Last but not least...... A few years back I had a $12,000 AC/Heating unit put in which I am STILL paying on........ If I should decide to let the house go, should I rip this unit out and sell it off?
Any advice appreciated.