I can no longer afford to keep my current home I live in and I've explained this to my bank .What will happen to me besides bad credit if I just pack up and move out!
2007-03-26 11:49:31 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You will have to declare bankruptcy, or else the mortgage holder (the bank) will dog you forever.
p.s. - Don't fall prey to those subprime lenders who promise to get you out of debt. Just go back to renting, learn from your experiences, and "do over."
2007-03-26 11:54:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First of all there are no debt prisons in America. If the banks sales the property for less than what is owed they send you letters telling you they want there money. The most a bank can do is place a lein on the property and put it on your credit report. The only types of debt that you can be forced to pay are taxes and child support. Some lenders offer a title buy back if the property remains unsold for xx amount of time but you are still responsible for the monthly payment until the property sales or the title is returned to the lender. I would stay away from owner financing the house because if the people you are renting it to stop paying or damage the property you are still responsible. Then you will be no better off than when you started. If you have contacted the bank and they are unwilling to help you than I would stop paying for it and save the money your using for the payment and let them foreclose on the property. It normaly it takes any where from 3 to 6 months to foreclose on a property. You can use this time to save up your money and find another place than file for chapter 7 bankruptcy protection which will wipe out most of you debts including what is owed on the property. Hope this helps.
2007-03-26 12:20:54 · answer #2 · answered by wilsona1001 2 · 0⤊ 0⤋
default on the loan means they will come after you. You will never be able to get another loan, credit card, etc. etc. You are better off going to the bank and explaining the problem, selling the house and working out what is left on the mortgage. Before running away, why don't you sell the place and get at least whats on the loan?
2007-03-26 11:54:29 · answer #3 · answered by thunder2sys 7 · 0⤊ 0⤋
Why would you walk away? That will open a larger can of worms than just dealing with the issue. Get out from under your mortgage.
Post an ad on Craigslist or in the paper locally. Sell you house, sell it for what you owe, offer owner financing, offer to carry a portion- do whatever you can to get someone else to buy your house or take over your payments. There are too many options for you to just walk away, especially when that won't really solve your problems.
(If you are in the Phx AZ area, let me know, I'll look at your property.)
2007-03-26 11:54:58 · answer #4 · answered by nolimitsladies.com 2 · 0⤊ 0⤋
I would try to find someone that would buy it out from you. You know like those places that flip properties. You credit will be ruined and then your house will go ot auction and they will sell it. So if they sell it for let's say $150,000 and you owe $210,000 guess what you still owe $60,000 to the bank and they will want it. So I would go around and contact some people that you see are flipping houses or contact a reality company and tell them your situation.
2007-03-26 11:56:32 · answer #5 · answered by speedi4got 3 · 0⤊ 0⤋
It would be better for you to sell the house than to just walk away. You will still have to pay off the loan even if you leave. The bank can and most likely will foreclose on the property if you default on the loan. Try to sell first it will be better for you in the long run.
2007-03-26 11:53:45 · answer #6 · answered by Melius 7 · 0⤊ 0⤋
You will have bad credit. The bank will forclose, and take the house from you anyway, and sell it to someone else to get their money from your loan.
Besides having extremely bad credit for a few years, I do not think that anything else will happen to you.
2007-03-30 08:41:34 · answer #7 · answered by kmf77 3 · 0⤊ 0⤋
Everything that is based on your credit will suffer. You may have to pay more to buy a car, rent a house, or operate a business. If you're in that predicament, I would file for bankruptcy so that you can start over.
2007-03-26 11:54:23 · answer #8 · answered by Scott K 7 · 0⤊ 0⤋
try to sell the house or your credit is muffed!!!!!!!!
2007-03-26 11:52:17 · answer #9 · answered by frankcastle083 1 · 0⤊ 0⤋
I don't know....but if you owe alot.....mmmmm ....I would suggest walking very fast.
2007-03-26 11:52:41 · answer #10 · answered by david 2 · 0⤊ 0⤋