8 months and the morgage is killing me i have good credit but if i forclose whould i owe the difference if someone bought it with a forclosure? help!!!!!!!!!!!!!!
thanx
2006-08-29 04:14:09 · 5 answers · asked by johnnny805 2 in Home & Garden ➔ Other - Home & Garden
If it gets foreclosed on, you're in for a world of hurt. The trustees will charge fees on top of the late fees you've already accrued, the interest accrued so far, and the principal balance still left on the loan.
Why can't you sell your house for what you owe and walk away without destroying your credit? Or do you owe more than its worth? If that's the case, take your good credit and get a loan to make up the difference between the value of your house and what you owe on it.
Or get a roommate to help defray the costs of home ownership until you can dig your way out of the hole you're in.
2006-08-29 04:21:59 · answer #1 · answered by timjenkins8 2 · 0⤊ 0⤋
Normally a bank foreclosing property auctions the property with a minimum price that will cover their mortgage costs. If the property can not be sold for the costs, then you will be held liable for the difference, however, it becomes an unsecured debt, since the lein is on the sold property.
I suggest you lower your asking price, even if it means that you wont cover the owed mortgage. Make sure the bank knows the property is being sold below the lien value, because they could stop the sale, and demand payment of the difference.
you really need to discuss your problem with the mortgage holder.
2006-08-29 11:20:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Run to the nearest bookstore or library and get a copy of how to sell your home in 5 days by Bill Effros(?) I have used it personally and for clients with problem properties. Follow the steps exactly and don't deviate.
In the meantime, contact your mortgage company and let them you the property is for sale and find out if you can defer the prinicpal payment and only pay the interest. That should help a little. If they won't do it then find another lender that will give you a interest only loan without any prepayment penalties (you are going to pay a higher interest rate) before you become late. If you email me I can refer you to an originator in your area.
2006-08-29 11:33:08 · answer #3 · answered by Sam B 4 · 0⤊ 0⤋
Try renting it out for the time being.
2006-08-29 12:55:01 · answer #4 · answered by Krispy 6 · 0⤊ 0⤋
What about leasing it?
2006-08-29 11:19:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋