She owes $130.00 0the condo is worth about $90,000 if she lets the bank have it back can they force her to pay the additional $40,000?
2007-08-20 09:59:58 · 5 answers · asked by Lantz 1 in Business & Finance ➔ Renting & Real Estate
If they foreclose she most likely will owe more than that. They will sell at auction which means cheap any and all monies due after that will be owed by her, if your assets are in both names, yes they can get them
2007-08-20 11:59:12 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Can you make the payment? If the answer is "yes" then you should make the payment.
Since when is foreclosure a lifestyle option? When did it become acceptable to say that after you convinced the bank to lend you money to purchase a home you can decide not to pay the money back because the purchase you made with the loan didn't work the way you like? You don't "let the bank" have the property. You decide to be a deadbeat and not pay the loan. When did this become an okay thing to do?
She did not co-buy the property with the bank, so there is no "letting the bank have the property back." The bank never had the property. They were not a party to purchasing the home. Your wife is the only one who ever had the property. She decided to purchase it. She borrowed the money.
Yes, the bank can force her to pay back the rest. They can garnish her wages. They can file paperwork with her employer that let the employer know she's a deadbeat. See what that does to her career. And they can attach your home. They can drain your bank account. And they can get the deficiency amount, the fees for foreclosure, the legal fees, and the costs of hounding you deadbeats. So you'll owe a lot and be paying for years. And don't even think about purchasing a car or getting anything on credit during that time. You'll be on a cash-only basis, using what little cash is left after the garnishment. Which is as it should be.
2007-08-20 18:12:54 · answer #2 · answered by CJKatl 4 · 1⤊ 0⤋
If your legally married, yes. If they foreclose, it impacts your credit history as well. Alternatives, deed in lieu of foreclosure. Another is to rent it out for awhile until the market turns around. And it will, we just don't know when.
As for the last part of your question, they could file a 1099 with the IRS for any balance after they sell it.
2007-08-20 17:32:54 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
Yes they can. They can still take her to court to get the rest of the money even after the property is sold at foreclosure. And since that is such a large amount I suspect they will go after it.
2007-08-20 17:14:24 · answer #4 · answered by Kay 3 · 0⤊ 1⤋
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2007-08-20 17:14:39 · answer #5 · answered by victormortgage 1 · 0⤊ 1⤋