Posted on: 22nd Jan, 2008 10:43 pm
I no longer like neighborhood and they plan to increase my minimum payment by 115% by next month.
Yopu shouldn't stop paying otherwise you will be in default and the lender might take legal action. By the way, do you have an option ARM?
You can stop paying when the loan is paid off or you will be heading into foreclosure. Look for ways to awoid it first before making rash decisions.
hi nickdavddyo,
i understand your distress. please, if anything, do not just stop paying your mortgage payments. if you do not like the neighborhood, try to sell and purchase another home else where. stopping your monthly payments will put you in default and eventually force you into foreclosure. have you thought about doing a refinance to get lower rate and lower monthly payments. there are several options and direction to take other than not making monthly payments.
please let us know what you have decided to do.
thanks,
jean
i understand your distress. please, if anything, do not just stop paying your mortgage payments. if you do not like the neighborhood, try to sell and purchase another home else where. stopping your monthly payments will put you in default and eventually force you into foreclosure. have you thought about doing a refinance to get lower rate and lower monthly payments. there are several options and direction to take other than not making monthly payments.
please let us know what you have decided to do.
thanks,
jean
Hi Nickdavddyo,
Welcome to the forum.
I agree with Jean. Firstly you should not stop paying. That will lead you to the foreclosure situation as everyone has suggested above.
You can try to sell your home and pay off the mortgage. Then buy a new house where you like to stay. The rates are down. So you can get affordable rates and terms if you shop a bit for lenders.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
I agree with Jean. Firstly you should not stop paying. That will lead you to the foreclosure situation as everyone has suggested above.
You can try to sell your home and pay off the mortgage. Then buy a new house where you like to stay. The rates are down. So you can get affordable rates and terms if you shop a bit for lenders.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Keep paying until you sell your home. Do not ruin your credit just because you don't want the mortgage that you are in. If you keep good payment history, you can get into a new home with a good fixed rate mortgage that you could be happy with.
Also wanted to note that you could do a short sale if the balance of your mortgage exceeds the value of the home. Just don't dump it, you have options that won't ruin your credit for 10 years.
Lisa,
He is not facing foreclosure so short sale, at this point, is not an option. Short sale is when you sell the property at a loss due to someone facing foreclosure and needs to find alternative other than foreclosure.
But as you said there are other options as everyone mentioned above such as refinance or sale of house.
Keep us up to date Nickdaddyo
Thanks,
Jean
He is not facing foreclosure so short sale, at this point, is not an option. Short sale is when you sell the property at a loss due to someone facing foreclosure and needs to find alternative other than foreclosure.
But as you said there are other options as everyone mentioned above such as refinance or sale of house.
Keep us up to date Nickdaddyo
Thanks,
Jean
Lisa,
He is not facing foreclosure so short sale, at this point, is not an option. Short sale is when you sell the property at a loss due to someone facing foreclosure and needs to find alternative other than foreclosure.
But as you said there are other options as everyone mentioned above such as refinance or sale of house.
Keep us up to date Nickdaddyo
Thanks,
Jean
He is not facing foreclosure so short sale, at this point, is not an option. Short sale is when you sell the property at a loss due to someone facing foreclosure and needs to find alternative other than foreclosure.
But as you said there are other options as everyone mentioned above such as refinance or sale of house.
Keep us up to date Nickdaddyo
Thanks,
Jean
You don't have to be in foreclosure for you to sell on a short sale. If the home is truely valued at less than the balance of the mortgage then the mortgage lender will consider accepting less than the current balance. So it would be worth putting in a request for a short sale to sell the home for what it is worth on today's market. Now if the home is worth more than what is owed then it would be just a sale.
Thanks forthe support