I live in Florida and can not carry two mortgages anymore.
2007-09-14 03:49:45 · 12 answers · asked by help 1 in Business & Finance ➔ Renting & Real Estate
yes, anything that is in your name, if you let it forclose they can come after you and ruin your credit, which would make the other houses interest rate sky rocket. i would try selling it.
2007-09-14 03:54:05 · answer #1 · answered by john s 3 · 0⤊ 0⤋
you may verify with an criminal professional, because of the fact the guidelines selection from state to state. some states have anti-deficiency rules which defend clientele of residential real sources used as everyday place of residing. If the shopper fails to make the indoors maximum loan fee the valuables is foreclosed and make contact with is gained by the lender by way of a criminal technique. the valuables is then normally offered to pay the indoors maximum loan and a deficiency between the sale value and the astounding stability of the indoors maximum loan frequently exists. decrease than anti-deficiency rules, if the indoors maximum loan is a purchase order money loan for the acquisition of a residing occupied by the shopper, the shopper will in no way be held in charge for any deficiency. The lender can purely get better the valuables and the proceeds of a next sale. The shopper does no longer pay any deficit between the sale proceeds and the astounding loan stability. this permits the shopper to stroll removed from a sources devoid of owing a deficiency judgment volume. Anti-deficiency rules normally grant no secure practices for 2d mortgages or domicile fairness strains. additionally, there is not any secure practices whilst the valuables isn't used because of the fact the common place of residing of the shopper.
2016-10-04 13:40:54 · answer #2 · answered by savitz 4 · 0⤊ 0⤋
If you can't make the payments I suggest you to get in contact with the bank and try to work out a deal with them. Maybe the bank can extended the life of the loan, or sell it in a short sale. You need to get in contact with a reputable real estate agent in your state, who can assist you with that kind of transaction. A short sale means that you sell the property for less than you owe to the bank. The bank has to agree to that sale. At the end, you either going to be taxable for the difference, or you'll will have to pay the difference to the bank. And yes, if you don't pay, the bank could put a lien on your other property, wages, etc.
2007-09-14 09:57:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you allow the bank to foreclose on a mortgage, you will likely not get financing of any kind for year and years. This is a last resort option. Why can't you sell the house and pay off the mortgage?
2007-09-14 04:26:55 · answer #4 · answered by Jay P 7 · 0⤊ 0⤋
Sure they can.
If there is a balance owed, they can take you to court and get a judgment, at that point they can garnish your wages (if your State allows it), attach bank accounts and file liens on any other property you may own like cars, boats land and homes.
All of this activity will show on your credit report and make it very hard to get any other types of loans without paying massive down payments, fees and State maximum interest rates.
It will also trash your credit for the next 7-years.
2007-09-14 03:54:41 · answer #5 · answered by ? 7 · 0⤊ 0⤋
People are having serious problems with their property, now days. Can you rent the house out, to meet the mortgage? Will that help you? I know it's rough, but you should try to keep the property, or sell it, rather than let it foreclose.
2007-09-14 04:44:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
What they could do is file a 1099 form to the IRS for the expenses of selling and the mortgage balance. Which in effect grosses up your income for that year.
If you are having difficulties, I suggest you contact this HUD approved counseling service 888-995- HELP.
2007-09-14 04:34:25 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If the house is repossess and they resale it at a lower amount than you owe, then they can sue you to pay the difference.
The same thing when you finance a car. When a car is repossess and resold at a lower price than you owe, then you can be sued to pay the difference of what you owed and what the car was resold for.
If you owe $60,000 for a house, they repossess it and resold it for $35,000, then they can sue you for the difference which will be $25,000 plus expenses.
Likewise for a car.
If you owe $ 15,000 for a car and it's repossess and resold for $9000 then they can sue you for the difference which would be $6000.
So, the answer to your question can be yes. That depends what they resell the house for versus what you owe.
2007-09-14 04:00:42 · answer #8 · answered by tiscpa 3 · 0⤊ 0⤋
the banks will finance up to 35% or 25% after the appraisal..(they pay for the appraisal and if they say no they know the equity isn't there and go to the next step).
you will need to get "break-a-leg bank" to put 2nd and 3rd's on... another bank i highly recommend is "shady dealings inc"
good luck
2007-09-14 03:53:34 · answer #9 · answered by m2 5 · 0⤊ 0⤋
Yes, Beware of Garnishments of your wages, llevy's and liens against your real estate assets.
Consult with a RE Lawyer before you consider such actions.
Protect your credit.
Another good tool is:
www.simpleplanning.com
GOOD LUCK! :-)
2007-09-14 03:55:05 · answer #10 · answered by JEDI MASTER YODA 4 · 0⤊ 0⤋