Posted on: 24th Mar, 2009 10:45 am
Hello, I recently bought a house last year for me and my girlfriend. Long story short: I found out she is cheating on me, so she is moving out. I can't afford this house by myself, and am soon not going to be able to make the payments.
I don't want the house, it's to much for me by myself. What is the best way to get out of this situation?
I don't want the house, it's to much for me by myself. What is the best way to get out of this situation?
Hi slypspeed,
If you can't make the payments and don't want the house, you can let it go into foreclosure. But this is going to affect your credit score and might pose a problem when you look to finance your new home. Why don't you go for a loan modification? If you have problem in making payments all by yourself, discuss this with your lender, even write a hardship letter to them informing them about your difficulties. This ca help you save the home as well as your credit. Since you have bought this house recently, letting it go into foreclosure won't be a good idea.
Thanks,
Jerry
If you can't make the payments and don't want the house, you can let it go into foreclosure. But this is going to affect your credit score and might pose a problem when you look to finance your new home. Why don't you go for a loan modification? If you have problem in making payments all by yourself, discuss this with your lender, even write a hardship letter to them informing them about your difficulties. This ca help you save the home as well as your credit. Since you have bought this house recently, letting it go into foreclosure won't be a good idea.
Thanks,
Jerry
Thanks for the reply Jerry. My main question is, if it goes into foreclosure, would they still make me pay on it even if I don't own it anymore? Like get a judgment and get money taken out of my pay? I already accepted the fact that my credit will be ruined. Owning a house is just not for me I have learned. Just don't want to get into a situation where I would be paying on it the rest of my life and not be living there.
Hi
If you let the home go into foreclosure, the lender will sell it to recover the loan amount. If the sale proceeds aren't enough to recover the loan and there is any deficient amount arising from the sale, the lender may get a judgment against you and garnish your wages. I think going for a deed in lieu of foreclosure would be a good option for you. In this case, the lender generally forgives the deficient amount.
If you let the home go into foreclosure, the lender will sell it to recover the loan amount. If the sale proceeds aren't enough to recover the loan and there is any deficient amount arising from the sale, the lender may get a judgment against you and garnish your wages. I think going for a deed in lieu of foreclosure would be a good option for you. In this case, the lender generally forgives the deficient amount.