I do have other debts that may result in me losing the property.....I bought the house 10 months ago
2007-02-05 21:29:12 · 6 answers · asked by stemaddo 1 in Business & Finance ➔ Renting & Real Estate
you will be homeless which is the most obvious problem
2007-02-05 21:36:41 · answer #1 · answered by Anonymous · 0⤊ 1⤋
You will need to sell it before it is repossessed so will need to get your son to help with the payments until it is sold to him.You will have costs to incur in selling the house and may find that you have negative equity - leaving you with debts to the mortgage company and they may prevent the sale going ahead as a consequence if they think they can get a better deal by foreclosure. The other pitfall is that you will be homeless and will rely on the goodwill of you son for a roof over your head.
2007-02-05 21:42:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
get moving quickly - you don't want it repossessed. Talk to your own present mortgage company and tell them you are taking action. If they are not far from you go and see them - a face-to-face is more meaningful and you will be a person in their eyes rather then a name. Strictly speaking you must be solvent to sell to your son i.e. your debts must not be more then your assets, as otherwise the other creditors may whine. You will have to pay off the mortgage company as they will not release their charge. I cannot stress that swift action is needed if you want to keep it. Good luck I have been in a similar situation and kept the house
2007-02-09 20:31:30 · answer #3 · answered by Professor 7 · 0⤊ 0⤋
There may pre-pay penalties if the loan is paid early, additionally, if the the lender handling the purchase to your son decides this is a bail-out loan, they may decline to move forward, regardless of your sons credit. I would definately speak to a lender or mortgage broker in your area.
If you are currently down on your mortgage, you may contact your servicing dept. and ask for remedy. Contrary to popular belief, lenders don't like to foreclose on properties and as such will typically work with a borrower. Good luck!
2007-02-06 04:00:45 · answer #4 · answered by Nyte M 2 · 0⤊ 0⤋
I suggest getting professional advice. Pop along to your local FirstMortgage, or other mortgage or financial advisor. Look in your Yellow Pages for Independant Financial advisors. They will give you free advice about what is best for you.
Please do this! It will help you out a lot. Your situtation is unique to you and only someone who knows all the details and in qualified can give you the right advice for you.
2007-02-05 21:40:01 · answer #5 · answered by SmartBlonde 3 · 0⤊ 0⤋
He would just have to buy it off you as normal pay stamp duty etc.........
Hopefully your mortgage company won't have a penalty for paying your mortgage up early......
Unless he mortgage's the property for part of its value with the same mortgage company so his has part ownership
2007-02-05 21:37:05 · answer #6 · answered by xXx Orange Breezer xXx 5 · 0⤊ 0⤋