does anyone know what and how you go about the bank buying it back
2007-12-04 06:18:11 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
does this ruin your credit
2007-12-04 06:19:43 · update #1
The bank is not going to buy the house again. They bought it in the first place. They may accept the deed instead of foreclosing. You leave, they take the deed. Sorry over. However, they are not forced to accept it back, they only will if the amount you still owe on it is in the same ball park as its present value.
2007-12-04 06:22:20 · answer #1 · answered by Landlord 7 · 2⤊ 0⤋
If you actually asked the question of how to get the bank to buy it back, you really shouldn't have bought a home in the first place.
There's this little thing that you pay each and every month called a mortgage. That money goes to the bank to pay back the loan that you took out for them to put up the capital (money) that you used to buy the house in the first place.
Why would they buy back something that they're already entitled to. If you default on your loan, they go into foreclosure, sell the house, and you get whatever's left. You definitely don't want to do that. They'll sell it at the lowest price, and what's still owed will have to come out of your pocket. Meaning that you can be tens of hundreds of thousands of dollars in the hole. That would ruin you financially. And it will also affect the interest rate of your next mortgage if you ever decide to buy another house. Meaning that it will cost you even more in the long run.
The housing market's on the decline right now. The best thing to do is just stay where you are and sell later down the line when the market recovers.
2007-12-04 06:30:29 · answer #2 · answered by AnarchyONtheSHORTbus 5 · 0⤊ 0⤋
A foreclosure will ruin your credit and it is not the only option.
I take it that you don't have any equity in the house and it is priced aggressively. If it still is not selling and it is causing major financial problems then you may attempt a short sale.
A short sale is when the bank agrees to take less that the current mortgage balance instead of foreclosing. It is in the banks best interest to work with you rather than foreclose so they are willing to take a loss now rather than wait and potentially take a larger loss later.
In Florida (as well as other boom states) short sales are about the only homes selling right now and banks are very willing to listen. Good Luck.
2007-12-04 06:34:39 · answer #3 · answered by Rob Kosberg 2 · 0⤊ 0⤋
doesnt ruin your credit but right now the country is in massive real estate crisis
im on the market now and houses are going for so little
id never sell right now but i already have a buyer for mine.
good luck and maybe try sprucing it all up make it curb pretty slap on some fresh paint and such
its all i can really say there are so many houses on the market that buyers can afford to be extremely picky im not sure about a bank buying a home back ive never encountered that
2007-12-04 06:22:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you are not making your mortgage then it is already ruined. No they will not buy is back but will foreclose and sell it at auction, and you will be responsible for the remainder plus lawyer fees, interest and all cost associated with the sale. And it will remain on your credit for 10 years. If by chance they write the difference off you will receive a 1099 stating it is income, and that income will be eligible to be taxed by state, local, and our friends the IRS, but will be taxed at the bonus rate averaging 30-36% which you will owe, and they will garnish wages, tax returns, inheritance, bank account etc. Better to try to hang on to it
2007-12-04 11:15:48 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
Fix it up. Take it off the sale market and live in it for another few months. In that time repair it by installing new cabinets, floors and possibly painting rooms with new colours. After you done the repairs put it up for sale and this time you can even sell it for a bit more while it will be looking great and will attract people. Looks mean a lot.. trust me.
Heres some ideas of rooms you can remodel after:
Kithcen:(notice paint, hardtops & floors)
wooden cabinets are always attractive with a white tile floor. White paint would be excellent.
http://filelibrary.myaasite.com/Content/1/1100/10762800.jpg
http://mangrovecay1115.com/images/kitchen.jpg
http://www.carlguild.com/housepics/44blueheron/DSC00438.jpg
Living rooms
Make it feel cozy. Instal a carpet if possible and paint walls red, blue, warm/creamy brown, or white.
http://z.about.com/d/hotels/1/0/z/_/living_room.jpg
http://www.creativefurnishings.com/images/Condo-Packages/Living-Room-1.jpg
http://www.marketresearchfirms.com/geo/Living-Room.jpg
Bathroom
White is gorgeous in bathrooms and hang up pictures of fish also install a big mirror
exhttp://www.wet-bathrooms.co.uk/images/productimages/LEGENDm.jpg
Bedrooms
Lovely curtains on the windows give it a great palace type feel.
Warm colours in a bedroom go well with white or light colour carpets.
Colours:white, blue, light green, & yellow mesh well.
ex http://www.taplowhouse.com/img/pages/bedroom_main.jpg
2007-12-04 06:30:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if you walk away - your credit will be massively ruined - the real estate market is terrible and will be for the next 2 yrs - stay in the house
2007-12-04 06:55:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If U don't want to sell it, then just take it off the market, or tell your agent that U want out of the contract. U don't have to buy it back.
2007-12-04 06:22:43 · answer #8 · answered by Anonymous · 0⤊ 1⤋
It's called foreclosure. Not only do they take the house, you still have to pay them.
The only thing to do is walk away and declare bankruptcy.
You had an ARM, right?
2007-12-04 06:22:49 · answer #9 · answered by Anonymous · 2⤊ 1⤋