I have only been paying my mortaguage for 8 months, I am so behind in my bills i was thinking of letting the house go into foreclosure. I need to know the easiest and the cheapest way out.
2007-06-13 09:07:01 · 9 answers · asked by melissa t 1 in Business & Finance ➔ Renting & Real Estate
Try to sell it. Foreclosure will cause you all kinds of financial problems. ~
2007-06-13 09:12:43 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Foreclosure is the easiest way out. Your credit will be destroyed (for several years) but you'll get out of the loan. If the foreclosure sale does not net enough to cover the loan and foreclosure fees you may get sued again for the difference. It depends on your state foreclosure laws.
2007-06-13 16:13:17 · answer #2 · answered by thinking-guru 4 · 0⤊ 0⤋
Letting your house go into foreclosure will utterly trash your credit rating for the next seven to ten years. What you want to do is to talk to the bank and tell them your plan to sell the property. Speak to a broker. Sell the house. Live well and be happy.
2007-06-13 16:16:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you owe more on the house than it's worth, a foreclosure may be your best bet. If you have some equity you'd like to protect, perhaps consider a chapter 7 bankruptcy with the house being exempted. With the chapter 7 you would still have to make your mortgage payments.
2007-06-13 16:12:12 · answer #4 · answered by sclass_benz 2 · 0⤊ 1⤋
It all depends on how much you owe vs. how much your house is worth. Refinancing I would say is the best way to get out of the mess. Are you currently behind on payments? If you foreclose your credit will drop drastically and then it will be very very hard to get into a home again. If you give me a call we can go over some different options on how to save your home and your credit.
Brandith:
877-731-4604 ext 2234 toll free
2007-06-13 16:21:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋
1. Get a roomate to try to cover some of the expense.
2. Get a second job.
3. Sell the house.
3a. Ask your lender if they will accept a short sale if you cannot sell the house for enough to cover the mortgage.
2007-06-13 16:16:21 · answer #6 · answered by g-man 3 · 1⤊ 0⤋
Put the house up for sale as quickly as possible. Also, talk to your lender about the potential for a short sale. They may work with you in that regard.
No matter which route you go, expect to have your credit score seriously reduced.
2007-06-13 16:12:13 · answer #7 · answered by acermill 7 · 2⤊ 0⤋
Call the mortgage company and explain to them what you would like to do and let them "sort of" reposses the home. Unfortunately whichever way you turn your credit will be scared for a while. Good Luck
2007-06-13 16:13:29 · answer #8 · answered by Greenhouse Man 2 · 1⤊ 0⤋
Easiest way is to refinance your home. If you can't refinance your home then sell it or rent it out or do a rent with option to buy to entice buyers.
2007-06-13 16:12:13 · answer #9 · answered by Deme21 2 · 1⤊ 1⤋