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Updated over 5 years ago,

User Stats

23
Posts
2
Votes
Shawn L.
  • Chicago, IL
2
Votes |
23
Posts

Need some help on what to do with a property

Shawn L.
  • Chicago, IL
Posted

I own a home that has no mortgage and is currently vacant. My wife and I bought it as a foreclosure and we put quite a bit of work into it about 9 years ago. It's in pretty good shape, but it could use a little work (maybe 5-6k of repairs and updates). The problem is that I owe more than 60k in unpaid property taxes. I was very sick a few years ago which required a lengthy hospital stay, this set me back financially and I never really recovered.

I would like to try and do something with the home, but I'm not sure what strategy to employ. Because my credit and my income are not ideal at the moment, I can't go the traditional route to borrow money against the house.

Are there any strategies that would work for a homeowner in my situation? I'd hate to just walk away from it, but I'm not quite sure how to proceed. Thanks in advance for any advice or suggestions.

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