This is the second time. I'm a single mother of three and thought buying a house would be a great idea. Now I'm stuck with a high house payment and an almost 100 year old house that seems to be falling apart. I really don't have the money to fix it up and can't seem to keep up with the payments and bills. Refinancing is out of the question, with it being in default now and even just before I was told my rates would actually go up about 3%. I don't think I could sell it for as much as I paid for it and I've only had it less than 2 years. Also I have a second morgage from the seller which is behind. I'd like to just walk away from it and let them take it but I don't really know what would happen. I just can't keep it up. Please if you know anything about this give me your advice. I really don't want to have to contact "this agency" or "that agency" or anything like that though. I don't like the house, area, or school and just want to get away from it all as soon as possible.
2007-01-08 12:47:09 · 5 answers · asked by Becki 1 in Business & Finance ➔ Renting & Real Estate
Okay, as a lender, I can't believe I am saying this but it really sounds like you got a sour deal. There are laws that protect you against lenders that give loans without regard to your ability to repay, etc. This is called Predatory Lending and you might be a victim. Check out your states Division of Banking and see if there is more information. (I'd help if I knew where you were at). As for being in default right now, I am not sure what to suggest outside of selling or refinancing so good luck with that. Hopefully your state has a good anti-predatory lending policy in effect.
2007-01-08 13:11:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Talk for your loan manufacturer TODAY. If you've got scientific disorders which can be stopping you from running, your loan manufacturer will normally paintings with you to re-agenda repayments. If you cross to the HUD internet site, they've well expertise on how you'll be able to paintings with a few creditors and there are telephone numbers for HUD accredited counselors. You would attempt to refinance, but when you're in default for the moment time, it would now not be handy to do. You will normally have a bigger hazard in case your credit score rating is well. If all else fails, you would attempt to promote the apartment. Since you haven't been there very lengthy, you would holiday even, but it surely would prevent from having a foreclosures hooked up for your credit score. Hope this is helping.
2016-09-03 18:35:26 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Sorry about your situation. The best route it to put it on the market and make an attempt to sell the home. Also you should call your lender and talk to them. Tell them you are going to try to sell the home. Sometimes they will take less since it's cheaper then foreclosing. If you walk away they will go ahead and foreclose. It will have a major affect on your credit score and will stay on your record for several years. Good luck.
2007-01-08 16:04:08 · answer #3 · answered by Deutsche359 2 · 0⤊ 0⤋
Would you consider a roomate? What about somebody doing a lease to own deal with you.. Good Luck
2007-01-08 12:59:05 · answer #4 · answered by tchem75 5 · 1⤊ 0⤋
You could walk away, but know that your credit is going to take a huge hit.
2007-01-08 12:55:25 · answer #5 · answered by justbeingher 7 · 0⤊ 0⤋