Im not worried about credit status coz im leaving UK for good. Will they send me to court for doing so?
2006-06-09 05:35:18 · 16 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Rent it out. That way you've got your mortgage paid every month plus a bit more and if you do decide do move back then you've got somewhere to go.
2006-06-09 05:42:58 · answer #1 · answered by Luvfactory 5 · 0⤊ 0⤋
Speak to your mortgage company tomorrow! Explain the situation in full to them. I think you will find them very helpful. They may even suggest a place which will buy your property and pay off the mortgage quickly (you are likely to lose out in not putting the house on the market in the usual way but if you are prepared for that, it will at least get you clear).
Don't just up and leave or stop payments, they would certainly try to take you to court and it could cost you a lot of money. Much better to discuss things first!
Practices in the UK are different from those in the States regarding mortgages. A lot of the advice you have been given above applies to the States.
2006-06-11 04:23:06 · answer #2 · answered by Owlwings 7 · 0⤊ 0⤋
There is another selling alternative. I'm not familiar with the Title transfer procedures in UK. But here in the States, you can find a friend or relative to take over the house by signing the "grant deed" to them and they can pay all the delinquencies up to date to stop foreclosure. The key is the new owner has to spend their money to stop the foreclosure.
You can sell the house back at the Loan Amount if you want, once the deliquencies are paid up to date. Foreclosure process is stopped. The new owner can have sometime to find new financing for the house under their names.
Talk to the bank, banks are in business of making money. They're not gonna foreclose your house if there is still a chance to save it. But foreclosure is time sensitive matter, don't drag on so long and you'll run out of time.
If you can do this, you're getting out of debt with little damage to your credit. This will show as couple of late payment, your credit will go back up in no time.
Everybody has their up and down in life. Your credit is your character. Don't ruin it.
Good luck!
2006-06-10 06:56:43 · answer #3 · answered by imvn1980 1 · 0⤊ 0⤋
Chances are if you leave, it will just be foreclosed on, but that's probably not the smartest thing to do. If it goes to foreclosure, it's going to sell for a price probably less than what it's worth, and when the bank resells it for what it's really worth, you won't get the difference. You also never know what will happen and if you will need to come back to the US for some reason. Things change, you may want a decent credit rating! I would at least try to sell it, and then at least you'll receive the equity out of it. If you're not going to be in the US for closing, you can assign a power of attorney to attend for you. But if you do sell, I'd call a Realtor to handle it for you, who can advise you how to list it to get it sold quickly.
2006-06-09 05:44:36 · answer #4 · answered by Steph-B 2 · 0⤊ 0⤋
I would suggest you do what is called a "deed in lieu of foreclosure." You simply have a quit claim deed drawn up by a title company or attorney and have it delivered to the lender. Have them draft a letter stating your intention to eliminate the need for them to go through a lengthy foreclosure process.
2006-06-09 09:44:46 · answer #5 · answered by larry r 3 · 0⤊ 0⤋
In this market you must have some equity in your home. I would suggest that most likey selling is a fine option. Unless you have taken out a home equity lone or two or 6, you must have some equity in your home. PS remember it a home if your selling a house if your buying and a crap shack if your renting.
2006-06-15 16:33:06 · answer #6 · answered by willberb 4 · 0⤊ 0⤋
If the money they get from re-selling the home doesn't cover the balance of your mortgage (plus costs) they might, indeed, come after you. If you are going to another European country, they can sue you pretty much everywhere.
2006-06-09 05:42:17 · answer #7 · answered by PermDude 4 · 0⤊ 0⤋
Voluntary repossession contact your bank tell them the problems try to negotiate with them. At least inform them of your current situation they will give you the right options that are available to you.
2006-06-09 13:50:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋
if you are leaving for good and droping citizenship, you can do what many people do and just up and move. The bank will repo it soon enough. I don't know about visa statuses if you want to visit though
2006-06-09 05:38:23 · answer #9 · answered by Brian 3 · 0⤊ 0⤋
Auction it. Whatever the condition it'll go in an auction even if it's 4 walls and no roof!
2006-06-09 05:42:24 · answer #10 · answered by Bapboy 4 · 0⤊ 0⤋