2007-10-25 08:03:28 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It doesn't work like that, friend. The lender lent you the mortgage in good faith, with the understanding that you would pay them back regularly. The fact that you "don't want to" is irrelevant- they will have the ability to begin foreclosure once payments stop.
IF (and don't try to make something up or you'll be charged with fraud) a circumstance has arisen that prevents you from having the capital to pay, like you've lost your job or your medical bills have skyrocketed, you MAY be able to ask the lender if you can withhold payment until sale. You WILL be charged interest if they allow you t do this. Ask your Realtor for help in negotiating this. Keep in mind, tough, that the lender is under no obligation to accept an arrangement like this.
2007-10-25 08:49:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The only advice I can offer up is to try and get a renter in there with a month to month lease and use that money to pay the mortgage so you don't have to. Also check around at relocation company's, sometimes they will buy the house if it has not sold in a certain amount of time.
Otherwise a bank isn't going to care that you don't wait to pay it! Eventually you will end up in foreclosure and that does not come off your credit for along time.
Good luck to you!
2007-10-25 08:30:23 · answer #2 · answered by Jennifer C 3 · 0⤊ 0⤋
All of us have to do things we don't want to but that is part of being a responsible person. But you do NOT have to pay for a house you don't want. You DO have the option of not paying the house payment but you better be willing to see your credit go down the tubes, any equity in your house going up in smoke, and your chance of buying anything on credit go out the window. But ....it's your choice. What does Dr. Phil say, "When you chose the action; you chose the result?"
2007-10-25 08:47:14 · answer #3 · answered by Jerrold J 3 · 0⤊ 0⤋
You have no option in this regard. Your lender can and WILL expect the regular monthly mortgage payment to be made while you await sale and closing. If you fail to do so, you risk a foreclosure action.
2007-10-25 08:20:07 · answer #4 · answered by acermill 7 · 0⤊ 1⤋
Can you rent it out for enough money to make the mortgage payment?
2007-10-25 08:21:56 · answer #5 · answered by psychobilly_phreakout 5 · 0⤊ 1⤋