we owe too much money cant go on any longer, house is up for sale but i have chance to rent dont want to miss out .this is my wife and i we are also parting
2006-09-03 05:04:29 · 12 answers · asked by Andrew H 1 in Family & Relationships ➔ Marriage & Divorce
If you don't pay your mortgage either you arrange to sell the house and give the mortgage lender what you owe them or they reposses your house and sell it themselves. If you need more detailed help i'd suggest a dept councellor. Your local Citizens Advice Bureau or local council can point you in the right direction.
2006-09-03 05:07:16 · answer #1 · answered by seaside_girl_03 3 · 0⤊ 0⤋
Basically voluntarily turning your home back over to the bank will have the same effect if you ran it thru divorce court. The bank will put it on the auction block in hopes of getting their money back. You and yours can still be held legally for the difference. If you have filed for divorce, then the loss will be split between you two and if there happens to be a profit, you two will split that but the divorce court will probably use any profit to be used against the marital debt. This will show up on your credit report so if youre planning on renting a new place, youd better do it quickly before returning the house. Also the bank doesnt really care what they sell your house for because they know you will be held responsible for the rest so they come out ahead no matter what and control your credit rating. They wont care about the divorce either but will come after who makes the most in hope of getting most of their money back. The bank could tell you no too, in which case you abandon the house, the bank will forclose on it in about 6 months and the above occurs anyway. If you went the way of forclosure, if your finances improved on down the road, by the time the bank started, you could pay back what you owe and the forclosure stops, but thats not much help here. Hope this explains this a little and good luck
2006-09-03 05:28:11 · answer #2 · answered by Arthur W 7 · 0⤊ 0⤋
The exact same thing happened to me, but sale fell through and house was repossessed. I was eventually rehoused by council and although I owe the bank a 4 grand shortfall I am much happier, single and stress free. Life is too short to let it get you down, and it does get better when you dont have the responsibility of debt on your head.
2006-09-03 05:11:59 · answer #3 · answered by Blackduchess 3 · 0⤊ 0⤋
you are better off selling privately than letting the bank re-possess. You can try and get a good price for your house, whereas the banks only objective is to cover the outstanding mortgage. Your best way forward is to tell your mortgage lender the situation and see if you can agree to withold payments until the property is sold. They may agree to give you 6 months, or lower the payments.
Good Luck
2006-09-03 20:50:07 · answer #4 · answered by ali t 2 · 0⤊ 0⤋
It would be better to own up to it, and tell the bank you can"t pay the mortgage, and let them sell it. or you can try and sell it, if the bank has to take it back, it is going to ge on your credit report, and you still may owe them some money.
2006-09-03 05:11:14 · answer #5 · answered by roseannetb@verizon.net 6 · 0⤊ 0⤋
It would become a volunteer repossesion or foreclosure. And they would sell the house for what they can hoping to cover the mortagage. If not then you would be liable for it unless you file for bankruptcy which would also be on your credit record. It all depends on whos name the house is on who suffers the most. But don't get over whelmed because it isn't the end of the world and happens everyday.
2006-09-03 05:09:16 · answer #6 · answered by dmxdragon2 6 · 0⤊ 0⤋
As if your life isn't screwed up enough -- they won't 'take it back'. They will foreclose, sell it and MAKE you pay the difference if it sells for less than what you owe (which happens about 50% of the time). You can rent anytime. See this site: www.daveramsey.com.
2006-09-03 06:02:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋
precisely what's happening suitable now. the money lower back disapears into skinny air. Banks pass bankrupt or could desire to be bailed out via governments that print greater money than the markets can soak up giving upward thrust to inflation and each sort of issues. US could desire to income to stay interior of skill and to not borrow too lots.
2016-10-01 06:26:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Foreclosure process is long so you could move on and keep house on market. You may need to consult a lawyer about filing for bankrupcy to save your credit.
2006-09-03 05:08:30 · answer #9 · answered by mistypa12000 2 · 0⤊ 0⤋
tell them you have problems before going into arears , they have to offer you help by law, you may be able to make temporary interest only payments which would be lower,but let them know ask for help.
2006-09-05 09:55:14 · answer #10 · answered by Jane B 1 · 0⤊ 0⤋