We have a mortgage of a condo, which is hard to sell, and we are thinking about getting a new home. What happens if we stop paying the condo when we move out? I know it will mess up my credit, but... do I have to pay it back? The deal i am getting in the house is by far better than what we are paying in the condo, what do you guys think?
2007-09-24 07:06:27 · 9 answers · asked by meeee_3 2 in Business & Finance ➔ Renting & Real Estate
they will foreclose on the property...and put a lien on your new property....and they may also garnish your wages.
look to see if your state has 'deficiency judgments' and 'garnishments'.
you can rent the old home for the mortgage payment or less....and hopefully you can pay the difference
2007-09-24 07:10:50 · answer #1 · answered by Anonymous · 1⤊ 0⤋
DO NOT STOP PAYING YOUR MORTGAGE ON THE CONDO! Either rent it out or sell it. The lender will proceed with foreclosure and you will ruin your credit. From the looks of your picture you are newly married. Ruining your credit is no way to begin your life.
Rent it for enough to cover the mortgage payments if the location will bear it.
Call the people at HouseBuyerNetwork.com and see if they have an investor and or a quick sale agent in your area to help you.
Unless you can afford to carry both mortgages for an extended period of time...do not buy the house...yet...
Remember that most areas of the country have a glut of houses for sale that are "great deals" and highly motivated sellers...so another one will probably come along after you have addressed the situation with the condo.
2007-09-24 07:27:53 · answer #2 · answered by Christiane 3 · 1⤊ 0⤋
why stop paying on the condo why not rent it out and let the rent pay your mortgage payment on the condo ? then you could afford the new house and not have to worry about the condo messing up your credit . If the house is a deal then I would suggest renting the condo and maybe in time the condo will be paid off and then you could sell it . good luck.
2007-09-24 07:10:50 · answer #3 · answered by Kate T. 7 · 1⤊ 0⤋
You would be far better off to rent or sell the condo rather than ruin your credit. It would not be a good start to a new marriage to make a big mistake. Because you are married, any lender will want your SSN and check your credit too, even if your new hub has excellent credit, yours is still investigated, I worked for a finance company for a long time and know about how they consider making you a loan
2007-09-24 07:14:24 · answer #4 · answered by victoria c 4 · 1⤊ 0⤋
this will ruin your credit. I would rent it out if at all possible. The bank will take back the condo and all the money you have put into it will be lost.
2007-09-24 07:14:39 · answer #5 · answered by Jessica 5 · 1⤊ 0⤋
Do not buy a home until you've sold your condo... unless you rent it out!
I would find a property management company and they will find the renter and handle all the paperwork, etc. When I had checked into this, I was surprised how inexpensive it was.
Good luck!
2007-09-24 07:16:34 · answer #6 · answered by <3 Chrissy 4 · 1⤊ 0⤋
Rent out your condo..
2007-09-24 07:15:09 · answer #7 · answered by Crazy cat lady >^ ^< 4 · 0⤊ 0⤋
not sure they will give you the loan with that payment on your condo. do what everybody is trying to tell you. rent the condo is your best option for long term. i hate to to be a butt why do you want to screw somebody for a mistake you made,
2007-09-24 07:29:08 · answer #8 · answered by k man 3 · 0⤊ 1⤋
BE CAREFUL THE LENDER ON THE CONDO CAN COME AFTER YOU FOR YOUR NEW HOUSE..
2007-09-24 07:31:14 · answer #9 · answered by SUPER WOMAN! 2 · 0⤊ 0⤋