My title to my home has a judgement which is way more than the equity in the house could cover. I don't have money to pay it off and have been struggling and not able to pay my mortgage payments for the last three months. If I sell my home and give the equity to the judgement (remember, it will not pay the whole thing off) will the judgement continue to be on the title to that property for the new owners? We can no longer meet this obligation and the only other choice I can see is to let the mortgage company have the house.
2007-07-06 10:46:51 · 7 answers · asked by Ruth B 1 in Business & Finance ➔ Renting & Real Estate
First try the Bank-O as suggested by "bostonianinmo"above.
If no success after talking to you attorney.
Than go with a Deed In Lieu Of Foreclosure to the first Mort. IF the reg payments are to much for you right now. Negotiate with the first to give your credit report a gold star before you sign the deed.
2007-07-07 00:00:24 · answer #1 · answered by Willems_grandpa 3 · 0⤊ 0⤋
Your not going to be able to sell your house, cause the new buyer is not gonna be able to get a loan on that property cause your not gonna be able to provide them with a clean title. You might have to start thinking about bankruptcy, if youre in over your head. Even if you give the mortgage company the house, if it doesnt cover the judgement, the person or group that holds the judgement will start to coome after your other assets. on the remaining balance.
2007-07-06 17:53:57 · answer #2 · answered by Mike 6 · 1⤊ 0⤋
The bank will take whatever they can out of the Equity, then give you a bill. The "judgement" will not follow the new owner, but to you..
However I highly suggest you check your local real estate laws to be 100% certain.
However since the Lien/judgement is against you or b/c of you..it will follow you..
2007-07-06 17:51:54 · answer #3 · answered by m34tba11 5 · 1⤊ 0⤋
If a judgment is anything like a lien (sounds like it is) then you can't sell it or no one would buy it until it is off.
Something you could do is rent it out to a management company (do your research on them, some are bad). The rent they pay you will go on the mortgage. Find yourself a smaller/cheaper place and use the money saved as payments to pay off the judgment.
You could rent out the place yourself but that is very hard to do and keep track of. Renting out to a friend/family always turns out bad.
Worse comes to worse, file for bankruptcy.
Hope that helps
Good luck
2007-07-06 18:04:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Consult with an attorney. It's possible that bankruptcy can eliminate the judgment AND you'll be able to keep your house.
Although the BK will clear all unsecured debt you can always turn around afterwards and re-certify all of the other debts like credit cards, etc. to minimize the hit to your credit rating. BK is rough, but it's better than losing your home.
2007-07-06 17:57:51 · answer #5 · answered by Bostonian In MO 7 · 2⤊ 0⤋
The new buyer will not obtain clear title, and thus, will not be able to get a loan on your house. No, you cannot sell your home.
2007-07-06 21:49:51 · answer #6 · answered by godged 7 · 0⤊ 0⤋
A bankruptcy will eliminate all your debts but not the mortgatge on your home. Talk to a bankruptcy attorney.
2007-07-06 18:27:33 · answer #7 · answered by Bibs 7 · 1⤊ 0⤋