what would happen if i stop making the payments of my house?

Question

i am paying too much but have on emergengy and i dont want the house no more.i have never been late on my payments.i have had it for 6 months.

Answer 1

Foreclosure

Answer 2

It will go into foreclosure, and your credit will be tarnished, secondly if you can't afford the payments, why did you buy and finance in the first place, do you have a high interest rate on the loan, see if you are able to refinance it for a lower payment, don't just stop the payments, just like if you don't pay the car payment it will be repossessed by the bank, you don't want that either, or call a realtor and hopefully it will sell and you will get it paid off, even if you don't get anything back, being you've only been living in it for six months, no equity built up.

Answer 3

It would be better to sell the house than just let the bank or lender take it back. If you fail to make your payments, they will foreclose and sell the house for what they can get. You will still be responsible for any deficit plus attorney's fees, court costs, etc., It will ruin your credit. If you have an emergency where you cannot afford to make your payments, talk to the lender to see if something can be worked out with them. Most will be willing to work with you so you can keep the house and preserve your credit. Perhaps you can even sell the house. Lenders don't want to take collateral back. They would prefer working with you to help resolve any problems. You may even be able to redo the loan or set up a graduating payment arrangement with them where you could pay a lesser amount for a time, until you resolve what is going on in your life. If you just walk away from this it will stay with you for many years to come. Besides, it isn't right to just walk away from something just because you don't want it any more.

Answer 4

If you don't want the house any more, sell it. The house loan would be paid off when it is sold and you would get the balance (if there is any). Defaulting on the loan payments is the worst thing you could do because you would lose whatever profit you'd make on a sale and it won't look good on your credit rating.

Answer 5

Ok, they (meaning the bank and city) would foreclose on you and put your house up for public auction. You would have to pay all fee's associated with the sale not to mention pay a lawyer and your credit would be ruined and you wouldn't be able to buy as much as a car. So reevaluate your situation ans sell.

Answer 6

Find one of those "we buy houses" signs, call the number. Call a few of those signs. Get some investors to make offers on your house. Don't call a real estate agent unless you have 6 months to sit on the property.

Answer 7

The lenders will eventually foreclose on the property and evict you.

If you're in Southern California.Contact me andI'll run the numbers to see what your options are.

Regards

Answer 8

if you cant make your payments...... SELL IT!
otherwise any money you have invested in this property will be lost. You will go into foreclosure and besides that your credit score will drop soooo low it will damage your credit for a very long time! (not a wise thing to do!)

sell it! sell it! sellllllllllll it!!!

Answer 9

Quit paying and a:You'll go into forclosure, b:be evicted, c:ruin your credit, and d:you may have trouble getting employment at sometime (if you ever need to, companies are now checking potential employees credit)

Answer 10

you better try to sell the house because if you let it go back you will ruin your credit and thats not good. just call a Realtor and tel ll them you have to get rid of it and to take the first offer they get if its enough to pay off the house.