going through divorce and can't afford the house, or the payments told that I can call bank and tell them and not make any payments and put house up for sale and hope for the best. thanks
2007-01-16 01:24:11 · 5 answers · asked by TERRI F 1 in Business & Finance ➔ Renting & Real Estate
You need better advice so good thing you have asked.
If you stop making the payments you will take a hit on your credit. The hit can last 7 or more years depending on what happens. A foreclosure (actual loss of the property) is very negative and will follow you for years.
Speak with the bank. Also talk with your divorce attorney. As you are married the other party is also at risk and has responsibilities.
The bank might be able to defer some payments or work out something while the property is actively being marketed. A short sale might make sense if it works out that the property is not worth what is still owed on it. It is not an easy process and can still result in some negative marks on your credit.
Do not Quit Claim your interest in the property if you remain on the mortgage. You do not want to lose control of the property while you are on the mortgage.
A lot more info would be needed before possible courses of action could be identified. Continue to post questions or check with advisers who have demonstrated skills in this area.
The link below is mostly for investors but you will find articles and how-to info for short sales and foreclosures. You can post to the forum if you want to ask advice. You can also just search the achieves for info.
2007-01-16 02:43:00 · answer #1 · answered by Anonymous · 2⤊ 0⤋
if you stop making payments you are going to risk losing everything, and having foreclosure on your credit report, ruining your chances at another mortgage. Get it on the market - priced below other comparable homes in your area and hope for the best.
2007-01-16 02:01:26 · answer #2 · answered by strtat2 5 · 2⤊ 0⤋
It's a/k/a as a short sale. It is a pre-foreclsoure measure and basically means that all proceeds of sale go to the lender.......you don't get anything out of the sale.
2007-01-16 01:52:04 · answer #3 · answered by boston857 5 · 1⤊ 0⤋
the best way would be to go through a real estate agent and if the home is'nt paid you would have to the agent call your banker,you also would have to agree on a price with your husband and if all else fails let the lawyers settle good luck
2007-01-16 02:48:47 · answer #4 · answered by hawki552004 1 · 0⤊ 0⤋
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2016-09-07 22:05:45 · answer #5 · answered by delsignore 4 · 0⤊ 0⤋