Posted on: 13th Mar, 2006 10:07 am
Help me out of this situation. The value of of my house is falling short by $25,000 than the two mortgages that I have got. I want to get rid of this situation and sale the house. Which can be the best solution? Should we walk away from it, allow a bankruptcy or foreclosure? Need advice.
Hi Ralph,
I can understand your difficult situation, but why you want to walk away from the mortgage?
God bless you.
For MortgageFit,
Samantha
I can understand your difficult situation, but why you want to walk away from the mortgage?
God bless you.
For MortgageFit,
Samantha
Hi,
I am already quite aged and want to get rid of this house. I want to move to the place where my children are staying.
Thanks
I am already quite aged and want to get rid of this house. I want to move to the place where my children are staying.
Thanks
Ralph,
You can think of renting the house as it will give you some time to recover from the situation.
But rent out only as per your plan. I don't know whether this a great solution but it can be an alternative.
Ken
You can think of renting the house as it will give you some time to recover from the situation.
But rent out only as per your plan. I don't know whether this a great solution but it can be an alternative.
Ken
Hi Ralph,
Walking away from the mortgage will not be a good solution, I feel. But you may have your own problems for which you want to do so. You need to think again and check whether you can reconsider the plan.
Now why I am afraid of with the sale of the house is that you might not get the price you are looking for at the time of the sale. This will increase the gap between the mortgage you owe and the money you get from the sale to get rid of it.
Also, there are other costs associated with the sale which may increase the gap further. You can wait for some time for the value of your house to increase and then sell it off. If you feel that values are going to fall in your area in future, then you can contact your lender and discuss with him the situation.
You may request the lender for a deed-in-lieu under this situation. If the lender finds that foreclosure is the only solution left for you, then he might agree for a deed-in-lieu.
Discussing with your lender is always good under this circumstance. A good lender will try to help to help you and make out some solution to it.
God bless you.
For MortgageFit,
Samantha
Walking away from the mortgage will not be a good solution, I feel. But you may have your own problems for which you want to do so. You need to think again and check whether you can reconsider the plan.
Now why I am afraid of with the sale of the house is that you might not get the price you are looking for at the time of the sale. This will increase the gap between the mortgage you owe and the money you get from the sale to get rid of it.
Also, there are other costs associated with the sale which may increase the gap further. You can wait for some time for the value of your house to increase and then sell it off. If you feel that values are going to fall in your area in future, then you can contact your lender and discuss with him the situation.
You may request the lender for a deed-in-lieu under this situation. If the lender finds that foreclosure is the only solution left for you, then he might agree for a deed-in-lieu.
Discussing with your lender is always good under this circumstance. A good lender will try to help to help you and make out some solution to it.
God bless you.
For MortgageFit,
Samantha
You can request for short sale to your lender. Lenders sometimes agree to a short sale as a satisfaction of the mortgage loan if he is convinced that is a financial problem caused by job loss, job transfer or illness.
You can talk to an experienced attorney if you plan to file a bankruptcy. Whatever you do, you should be aware of the effects that it may have in future.
Regards,
Blue
You can talk to an experienced attorney if you plan to file a bankruptcy. Whatever you do, you should be aware of the effects that it may have in future.
Regards,
Blue
My boyfriend and I purchased a time share together in April of 2006. Now times have changed and we are no longer together. I am as applicant 1 and he is listed as applicant 2 on the morgaged. He has filed for chapter 13 (the one where he only pays 70% of the loans back). Since we are not together I do not want to be apart of this with him anymore. Is there anyway to get my name off this loan with him?
hi debbie,
welcome to mortgagefit forums.
the only way to get out of the loan is to get it refinanced in your ex-boyfriend's name. but since he has already filed a bankruptcy chances are there that the lender might not agree for the refinance.
you can call up your ex-boyfriend and the lender and discuss about it. if things don't come out positive then i am afraid that you need to carry on with the liability.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
the only way to get out of the loan is to get it refinanced in your ex-boyfriend's name. but since he has already filed a bankruptcy chances are there that the lender might not agree for the refinance.
you can call up your ex-boyfriend and the lender and discuss about it. if things don't come out positive then i am afraid that you need to carry on with the liability.
god bless you.
for mortgagefit,
samantha
My husband got layed off from his job four months ago. We have been doing our best to pay all our bills. Unfortunately, we were unable to pay our timeshare mortgage of $350 this month and we don't see ourselves able to pay for it anytime in the near future. We have been paying for it for the last 6 years and have 4 more to go. We have already paid almost $30,000. What would happen if we choose to walk away from it. They would be able to resell it for the same price or more, and also have the $30,000 we have already paid for it. Also, what would happen to us if we didn't pay last years maintenence fees and taxes?
Hi Lynnette,
If you walk away from the property, the lender will have the right to foreclose the property and sell it off in order to recover his dues. If he cannot recover his dues in full, he will have the right to claim the deficient amount from you. As far as maintenance taxes are concerned, you will have to pay them.
Thanks
If you walk away from the property, the lender will have the right to foreclose the property and sell it off in order to recover his dues. If he cannot recover his dues in full, he will have the right to claim the deficient amount from you. As far as maintenance taxes are concerned, you will have to pay them.
Thanks
i'll disagree, respectfully.
yes, indeed, the lender can foreclose on your timeshare and try to recover any losses by selling it again. and yes, your payments made are gone. as for payment of maintenance and taxes, why would you want to pay those now? again, let the timeshare folk take care of that also. if you can't pay one thing, there's no sense in paying the other.
yes, indeed, the lender can foreclose on your timeshare and try to recover any losses by selling it again. and yes, your payments made are gone. as for payment of maintenance and taxes, why would you want to pay those now? again, let the timeshare folk take care of that also. if you can't pay one thing, there's no sense in paying the other.
