Posted on: 26th Jun, 2011 05:12 am
i stoppped making payments on my mortgage and also my second mortgage what can they do to me, its already in forecloser and i refuse to file bankrupcy, i also owed another house. what could happen just decided to stop like everyone else
Hi Guest!
Welcome to forums!
Your lender will foreclose the property and you'll be liable for paying off the deficient balance resulting from the sale of the property. Both the lenders will come after you in order to recover the balance dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your lender will foreclose the property and you'll be liable for paying off the deficient balance resulting from the sale of the property. Both the lenders will come after you in order to recover the balance dues.
Feel free to ask if you've further queries.
Sussane
Not paying the loan that you promised to pay, will haunt you for the deficiency for up to 20 years in some states. There is the foreclosure, hits on your credit, not able to finance for many years, and IRS tax implications, and the deficiency judgement. Walking away from your mortgage is not the best thing for our country, your neighbors or this economy. Each person who can make their payments, but walks away, has created more of a problem for the US. Until each foreclosure is sold to investor then sold to another party via a regular sale transaction, this economy and the housing market will not recover. Make your payments as you promised and pledged to do and good luck.
"Like everyone else"???
Perhaps as many as 1% per cent of the public did so...yet you say we all did so? Sorry, but not only haven't I done so - I have no plans to do so no matter how difficult it might become.
There's a jaundice in the nation...a lot of it has to do with entitlement, a sense of pride (foolish pride) that allowed so many of us to buy homes that were way over our proverbial heads, that persuaded us to take loans that - had we reviewed the real terms - we'd never have been foolish enough to negotiate with our lenders.
I can't consider walking away from a home and a mortgage obligation any sort of honorable act. If you borrow money, you ought to pay it back - regardless of how the "investment" worked out.
If you borrow a $1 to buy a paper only to find out that there's bad news in said paper, does that provide you with a rationale to refuse to pay back the person from whom you borrowed that $1?
Somehow, I don't think so.....and I can't wait for the naysayers to tell me I shouldn't use that sort of analogy.
Perhaps as many as 1% per cent of the public did so...yet you say we all did so? Sorry, but not only haven't I done so - I have no plans to do so no matter how difficult it might become.
There's a jaundice in the nation...a lot of it has to do with entitlement, a sense of pride (foolish pride) that allowed so many of us to buy homes that were way over our proverbial heads, that persuaded us to take loans that - had we reviewed the real terms - we'd never have been foolish enough to negotiate with our lenders.
I can't consider walking away from a home and a mortgage obligation any sort of honorable act. If you borrow money, you ought to pay it back - regardless of how the "investment" worked out.
If you borrow a $1 to buy a paper only to find out that there's bad news in said paper, does that provide you with a rationale to refuse to pay back the person from whom you borrowed that $1?
Somehow, I don't think so.....and I can't wait for the naysayers to tell me I shouldn't use that sort of analogy.
I guess then I file bankrupcy and then they are not able to come after me, and I can start over again fresh.
Look into your states programs for underwater/delinquent homeowners. Many states have local programs that could help you get caught up. Contact a BK attorney and get a free consultation on your rights. Lastly, contact your lender and see if they can work anything out for you. Try to short sell if you truly cannot make your payments.