my boyfriend purchased a house in which his brothers also live. we went out of the country for one year and came back to a mortgage payment ($1,500) monthly that had not been paid in 7 months! they were threatning to foreclose and almost did but we worked it out. he is now considering selling the house back to the company. what , overall will this do to his credit (or whats left of it)?also, how much do they normally pay back for the house considering that it is still in decent shape?? anyone that thinks they can help, please let me know!
2007-02-04 11:51:50 · 5 answers · asked by mexicanatlanta 2 in Business & Finance ➔ Renting & Real Estate
you wouldn't...!!!
2007-02-06 16:47:33 · answer #1 · answered by SmoothCharacter 7 · 0⤊ 0⤋
Most mortgage companies will not buy the house back. If you find a mortgage company that will do this then you better ask yourself why? Unless, you're selling it for much less than it's worth.
Call and speak with a professional realtor or broker. The broker is usually the owner and realtors work with them.
His credit is already severely damaged and he will have a difficult time buying a house if he sells this one. He'll probably have to wait years before he can buy another house. Especially if he sells this one.
Remember he is always responsible for making the payment no matter where he lives. He's just lucky he still has a house.
He might want to rent it to a family or couple who will pay rent every month or get different roommates to help make the payment. Owning a house is one of the best investments in the world and he should keep it if he can. Just find people who always pay rent on time.
Good luck!
Move to Latin America, Corp.
Your Real Estate Professionals
2007-02-04 20:08:33 · answer #2 · answered by MovetoLatinAmerica 3 · 0⤊ 0⤋
Something is very wrong in your story...
You boyfriend purchased a home. He financed this purchase through a mortgage company. At no time did the mortgage company own this home, so I'm not quite sure how the mortgage company would be buying back the home.
Furthermore, mortgage companies do not purchase homes from borrowers. The mortgage company might foreclose and take ownership, but it's not in the business of purchasing homes. If your boyfriend is somehow going to do something that leaves the lender with the home, then he's either allowing the property to be foreclosed or negotiating some sort of deed in lieu.
Might I suggest that you run from this guy as fast as possible? The story he's telling you just doesn't make sense. In addition, he obligated himself to repay a mortgage and then just left that responsibility in the hands of others without keeping tabs. He's irresponsible. And no matter what he does, his credit is shot for seven years. Do you really want to stay with a can't-tell-the-truth irresponsible deadbeat?
2007-02-04 20:00:09 · answer #3 · answered by CJKatl 4 · 0⤊ 0⤋
I think your credit will have some damage to it by the fact because of the late payments. If you sell it back to the company will you be able to find suitable housing? I would kick out the clowns in the house now and rent out the rooms on a month to month lease. Make sure you have a contract that clearly states what you expect of the new tenants ( rent, when to pay, company, house priveledges). Now and days if you have property.....keep it. if the mortage company is willing to work with you than do it. Just be smart and kick out the family if they aren't helping you. This could be a profit investiment if done wisely.
2007-02-04 19:59:24 · answer #4 · answered by flextime 2 · 0⤊ 0⤋
Have you asked any realtors to take a look at the house and make a suggested price for the sale? My suggestion is to check all options before selling to the mortgage company holding the mortgage now.
2007-02-04 19:57:57 · answer #5 · answered by marie 7 · 0⤊ 0⤋