What happens if you abandon a house?

Question

Was just wondering what happens if you choose to abandon a house -- does the government take it or what?

Answer 1

They all forgot to mention your house can also be taken by adverse possession. If someone lives in the house pays the taxes, and openly makes it clear they are living there after x amount of years (varies by state) they will legally own your property free and clear. Very rare but can happen.

Answer 2

I guess you are asking if you can't pay the mortgage and you skip. This is really, really bad. The bank will foreclose on the house and sell it at an auction. You will find yourself only able to get credit at very high rates - about 18% or higher. You lose every dime of money that you put into paying for the house. The black mark stays on your credit report for at least seven years. You may find it difficult to get a job, since many employers pull your credit report. I would be put off, to say the least, about a foreclosure.

If you own the house, free and clear, why would you abandon it? If so, someone could take ownership of it by adverse posession.

Answer 3

I am a Realtor and would like to offer a very good solution to you. I know it is horrible to go through times like these. You are not alone, and foreclosures are increasing lately, sue to economic hardships. Another common problem is that people are ashamed and embarrassed so they do not return the calls from the bank. if you contact your bank that holds the mortgage, and are honest with them, they will actually work with you. Sometimes they will let you stay in the home, without payments. They will put the house on the market, and sell it so you at least break even, and then your credit isn't ruined. If you don't have enough equity to sell it yourself, then please call your bank, you will be so glad you did.

Answer 4

If you have a mortgage the lender will forclose and eventually become to owner of the house unless you reclaim it out of forclosure.

Depending upon State laws, you may or may not be liable for any deficiency balance after all costs of sale are concluded.

If your credit is decent enough and you are intent on abandoning the property, borrow as much as you can against it first to maximize your losses.

Answer 5

You will get this lovely little mark on your credit called a Foreclosure!..Your lender will take the property back (eventually)..If you don't have a loan on the property (why would you walk away!) Then they county or city will take it back because it will have a tax lien on it..NOT A GOOD IDEA any way you look at it...you should at least try to sell it first...Even if you are not making payments you can live there "rent free" for up to 18 months!!..ss

Answer 6

If someone breaks the window of an abandond abode and cuts themselves, The blood might want to mostlikely dry up and if the window continues to be damaged then rain and climate like iciness chilly would reason further damage to the abode. Animals would enter via the damaged window and the damaged window would create an surroundings of blight that would want to impression the sources cost and would inspire different acts of vandelism like graffitti that would want to further degradation of the known of existence contained in the community.

Answer 7

After a few years of no taxes being paid, the state or county or whoever can foreclose on it and take possession of it.

Answer 8

If you owe mortgage payments, the mortgage company will take it over.

If you own it outright, the City will take it and sell it to pay the taxes that are eventually be unpaid.

Answer 9

your neighbors get it for face value and can split the property -- many times a park is created and a playground built with the remaining wood.

Answer 10

there will be buyers obviously and if u r not even wishing to sell it, then I think everybody loves free cake.