2006-11-06 08:52:43 · 9 answers · asked by Scientist3520 1 in Business & Finance ➔ Renting & Real Estate
They do not want your house they want there money. find out what is the pay off a be glad to walk away. Also find out if you got scammed
Check out this web site.
http://www.breakingbubble.com/index.htm
2006-11-06 10:50:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you contact the lender and ask for a forbearance agreement that will allow you to sell or re-structure your loan to more affordable terms and you will have those abilities. If the agreement you strike with them calls for you to sell the home within a specified period of time then the agreement will call for a deed in lieu of foreclosure if the property is not sold. If you have to do this it should not hurt your credit. You might want to ask for permission to sell the property, owner financed with you assigning such a sale to the lender.
I wish you well but don't delay contact the lender right away so it doesn't get into all kinds of drama. The lender does not want your property.
Buena Suerte.
2006-11-06 17:34:15 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Phoenix makes a good point. Your true equity is the difference between the market price and your mortgage. Setup an appointment with a real estate agent to find out what it's really worth and how long it would take to sell.
2006-11-06 17:06:54 · answer #3 · answered by CPAKeith 3 · 0⤊ 0⤋
You may not have any equity, but you may be able to sell it for more than you paid for it. You could still make money off it by selling. You should look into what you could sell it for before considering giving it to the bank.
2006-11-06 16:58:59 · answer #4 · answered by Phoenix, Wise Guru 7 · 1⤊ 0⤋
Yes, this is called giving the lender a "deed in lieu of foreclosure" and will result in a negative report on your credit history similar to that of an actual foreclosure.
2006-11-06 16:55:41 · answer #5 · answered by mazziatplay 5 · 0⤊ 0⤋
You should contact them (your mortgage company) right away to work out a possible "deed in lieu of foreclosure". They may be able to assist you with the process. It does show on your credit history.
2006-11-06 17:05:25 · answer #6 · answered by Alterfemego 7 · 0⤊ 0⤋
The banks will want to workout a payment plan with you or re-draft your note to make it more affordable first. If that doesn't work, they want you to short sale it before they would consider the deed in lieu of foreclosure.
If you're in Southern California, I can help.
Regards
2006-11-06 21:39:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
So sell it. Better than giving it back to the bank & totally ruining your credit. "Cause that's all you're gonna do by doing that.
2006-11-06 17:16:40 · answer #8 · answered by ready2go67 5 · 0⤊ 0⤋
Yes, but not as much as a typical foreclosure. If they lose money they wont report it as paid in full-- and may still come after you for the difference.
2006-11-06 16:55:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋