2007-02-22 08:10:01 · 8 answers · asked by alienhunter34 2 in Business & Finance ➔ Renting & Real Estate
Your wife will not incur any criminal problems, provided they don't find fraud or anything like that.
You should look into speaking with someone about your options (loan to get out of trouble, filing chapter 7, etc). Whoever is on the mortgage for your wife's old house is going to have their credit severely damaged for many years to come. And we all know without credit, you can't have credit cards, car loans, a cell phone, another house, a boat, and numerous other thing.
We all know it is not good to build up debt with anything like a credit card (or a depreciating asset), but you will need good credit in order to invest in things like a home. You should really try and find some other options. Is there someone you know that will buy the house for whatever she owes on it? Losing whatever equity you have built on it is much much better than having a foreclosure on your record.
Good luck.
2007-02-22 08:45:33 · answer #1 · answered by mychelleb25 2 · 0⤊ 0⤋
The guy above is right. Sell the house. Find a realtor and sell it. A realtor can market the house and normally get the best price. A foreclosure auction is like a garage sale. Here's some math as as example. Say the mortgage balance is $100,000, and a realtor can find a buyer willing to pay $200,000. This means your wife will make $100,000. If the highest bid at auction is $101,000 because hardly anyone shows up for the auction, then your wife will only make $1000 (actually nothing because expenses will eat the $1000).
And no, there's no criminal charges.
2007-02-22 17:27:06 · answer #2 · answered by eddygordo19 6 · 0⤊ 0⤋
Typically there are not an criminal charges in a foreclosure (unless perhaps there has been criminal activity) Foreclosure is basically a repo. The bank will go through court proceeding to take control of the property and evict (if neccessary). Then it will go against your wife's credit and anyone else who may be obligated on the mortgage note.
2007-02-22 16:23:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Seriuosly...sell the house now to pay off mortgage..Don't screw up her credit..If she owes less then its worth...Find a buyer quick and sell...Even if its less then you think its worth,you'll save a ton of headache over your credit history..I don't understand why you would ask if there is criminal problems,this is a money issue..If you lose this house..The bank or whoever owns the note will sell it..If it doesn't cover what you owe..Then a judgement will be made against her,and thats just a money issue..Like not paying a credit card bill..I really sugguest you sell it before hand..The note owner will add more charges to what you already owe..There fees associated with a foreclosed on home..Trust me I know..I have helped out people in this situation a few times..I bought there homes,at a reduced value (just enough to pay off there trouble)and sold it...Naturally at my advantage..so go for it and save yourself this headache if you can
2007-02-22 16:56:45 · answer #4 · answered by overhereyoupretty 3 · 0⤊ 0⤋
Foreclosure is not a criminal offense.
The question you should be asking is what will happen to her credit score?
If the two of you want to buy a house together in the future, that's going to be sitting there damaging her score and may affect your combined ability to purchase a house, a car, get credit, etc.
2007-02-22 16:35:04 · answer #5 · answered by Faye H 6 · 0⤊ 0⤋
I don't think they will come after her criminally, but they will ruin her credit for sure.
Good luck
2007-02-22 17:44:40 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
I dont know what state r u in, but try http://www.daveramsey.com/
get a phone number from the site and talk to him. he knows the best.radio host in Tennessee.but has program in different states.
Good Luck.
2007-02-22 16:17:07 · answer #7 · answered by SHALO 2 · 0⤊ 0⤋
You can save it if you contact me asap though.
2007-02-22 21:35:33 · answer #8 · answered by Phil H 2 · 0⤊ 0⤋