Posted on: 07th Jan, 2009 01:14 pm
Hi I own a second home in the usa (uk citizen) with my primary home in uk. I bought the us home for holidays,rental and a long term investment,but didn't see the sub prime coming. The current economic climate has seen the £ crash again the $,rentals almost disappear,negative equity on the us prooperty and finally my funds to pay my us mortgage are running low...
W"hat are my options if I run out of money to pay the us mortgage? Can I just give my bank the "title"?
Thanx for your help.
guyg. :(
W"hat are my options if I run out of money to pay the us mortgage? Can I just give my bank the "title"?
Thanx for your help.
guyg. :(
Hi guyg,
If you stop paying the dues, your property will go into foreclosure and the lender will sell off the property to recover his debts. You can contact the lender and inform him about the hardship that you are facing. If you want to sell off the property, you can negotiate with the lender and check out if he agrees for a short sale or a deed in lieu. If the lender agrees to any one of these, then you can deed back the property to the lender. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
Thanks
If you stop paying the dues, your property will go into foreclosure and the lender will sell off the property to recover his debts. You can contact the lender and inform him about the hardship that you are facing. If you want to sell off the property, you can negotiate with the lender and check out if he agrees for a short sale or a deed in lieu. If the lender agrees to any one of these, then you can deed back the property to the lender. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
Thanks