i own two homes, one in florida and the other in sc. moving to sc for good and cant sell the house in florida. if i just stop paying payment and my sc house is in a trust, whats the process or what can happen after i stop making payments??
2007-06-30 05:25:59 · 8 answers · asked by ryan s 1 in Business & Finance ➔ Renting & Real Estate
Your credit is ruined and they will take the house
2007-06-30 05:30:56 · answer #1 · answered by Chainsaw 6 · 0⤊ 0⤋
If you stop making payments, you will get a late notice, then eventually a notice of default that begins the foreclosure process. If you continue to just let it go at that point, they will foreclose on the home and eventually take it over.
This will severely damage your credit for years, impacting your ability to refiance a home, get credit, etc. Are you upside down in the house (owe more than its worth)?
Foreclosure isn't the same as bankruptcy in terms of your other assets. But I would view this course of action as a last resort and definately talk to an accountant and or real estate lawyer for specific financial impact in your state.
2007-06-30 05:41:33 · answer #2 · answered by Real Estate Guy 2 · 0⤊ 0⤋
You will lose your FL home. There are other alternative things you may do such as renting your home or refi for lower payments. If you stop making payments, both you and the lender loose. Talk to them about working with you so you dont loose your home. They might also be able to put your payments that you missed at the end of your loan. Believe me, in these days...they will try to help you so you dont loose your home. Call your city hall or head out to your local city's webpage. Sometimes cities have programs that can help you so you dont have to foreclose. These programs sometimes provide grants that you dont have to pay back. If you do....this might give you enough time to rent or sell your home.
Good Luck.
2007-06-30 05:33:15 · answer #3 · answered by Anonymous · 1⤊ 0⤋
you ought to be a liberal. simply by fact basically liberals sense the US is going onto a recession, surely the US is in basic terms experiencing slowed enhance. A recession is set via 2 or greater consecutive quarters with destructive enhance, which has not befell. besides while you're based on the government that might assist you to, then you quite will loose your domicile. do not play monkey see monkey do, in basic terms shop working and paying your expenses. Conservatives look on the housing loan disaster as a procuring threat.
2016-12-08 21:07:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The mortgage company will repossess your house and try to sell it. if it is sold for less than the outstanding mortgage you will probably find that they will chase you for the outstanding balance.
2007-06-30 05:34:35 · answer #5 · answered by oapmotorist 2 · 0⤊ 0⤋
If you do not pay the mortgage, eventually the institution which owns it (until you pay it in full) will recuperate it.
2007-06-30 05:34:47 · answer #6 · answered by robert43041 7 · 0⤊ 0⤋
u get in dept and if ur in dept for to long they will just take the house away from u till u pay them
2007-06-30 05:34:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
refinancing mortgage is your best option:
http://all-mortgage-calculators.blogspot.com
2007-06-30 07:17:42 · answer #8 · answered by Anonymous · 0⤊ 0⤋