about a mortgage.?

Question

We can't pay for a mortgage anymore! If we forclosure the home, besides screwing the credit, do we have to pay anything back? How does it work? I just want to know of what will happen regarding paying back.

Answer 1

Yes, there could be quite a few things you could owe. I BUY HOUSES. Sell it if you can before you let it foreclose. You'll ruin your credit, you could owe any deficiency balance, and there could also be some taxes owed (a friend of mine had let 2 of his houses go into foreclosure and ended up owing the IRS over $30,000!!!)

If you're interested in selling it, please e-mail me at work - [e-mail]

Answer 2

Is the mortgage too high? Could you stay if it were cheaper? Is this a temporary thing? Need a little more info.You can get a mortgage for 40 or 50 years now a days. It is not ideal for me but if I wanted to stay and refinancing for a longer mortgage was the only way to do that I would. You still have to pay the difference between what you owe them and what they get out of the house if they do sell it when it is foreclosed on. Most mortgage companies will work with you if your credit is good and your loan is up to date. Call and tell them you need an appointment and what for and see what happens. They do not want to repo houses that they cannot sell. Call before you fall behind. Good luck>

Answer 3

They will put the home up for auction and as long as they recoup the loan and associated fees you will not have anything to pay back. If the home sells for less than what you owe you will be paying the difference. My suggestion is put that house up for sale NOW! Put a sign in the yard and an ad in the paper or hire a realtor to get that home sold for what you owe. People are always looking for pre foreclosure homes to buy. Good luck.

Answer 4

if the bank decides to they can get a deficiency judgement againgst you for any amount not recovered from the sale of the property, but you should talk to an attorney about the liklihood of that