what other consequences might I have to endure?My other morgage is not to bad and the home is nicer and my realtor just found a buyer but the offer is 115,000 lower than what I purchased it for.What should I Do?
2007-12-08 16:41:09 · 3 answers · asked by jim l 1 in Business & Finance ➔ Personal Finance
If you defualt on the loan, the lender is going to auction off the home. With the current market, there is a real good chance it will sell under the mortage amount.
They will hold you responsible for the difference between the mortage amount, and what it sells for, plus legal fees. They can sue you for this difference per home. Simply, if you let them repo one home, chances are they may come after your other assets. You might be facing a all or nothing scenario. Manage to keep both, or risk all known assests.
2007-12-08 17:10:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Usually, going to foreclosure is the worst of all poor choices. However, whether this would be better than selling the house at a loss depends on such factors as the amount of your own money you put into the transaction. Before you go to either, you should contact both your mortgage holders and see if you can work out a deal with them. Most holders consider foreclosure a worst-case choice, and with falling home prices, even if you walk-away and let them foreclose, you may wind up being liable for the difference between what they sell the house for and what you owed.
Sorry things worked out so rotten for you and I hope you can salvage something from this. The point I stress is talk with the creditors first before doing something desperate.
2007-12-08 17:43:54 · answer #2 · answered by cattbarf 7 · 0⤊ 0⤋
This is called" being between a rock and a hard place". Apparently you overextended yourself to get into this bind and selling a property for $115,000 less than you paid for it certainly doesn't say much for your realtor. It doesn't sound like a good deal to me. What are the chances of holding on a while longer.? Is there a profit to be made on the house you want the bank to repo? Don't have the knowledge to advise what to do.
2007-12-08 16:59:34 · answer #3 · answered by googie 7 · 0⤊ 0⤋