Posted on: 05th Dec, 2009 10:11 am
hello!
i bought my home in the last quarter of 2006 at the peak of the nc market. because of a long commute, desire to live elsewhere, and falling home values i would like to give my house back to the bank (chase). i don't have a second mortgage and my loan is right at the value of what i owe on the property. i can save a ton of money by renting closer to work and will not have to worry about sending children to private school as the schools are great where i'm moving to. we both have great credit (mine is 750 and my wife's is over 800). we understand that we will have wrecked credit for a few years and are planning accordingly (buying new cars now and hopefully securing our new rental before credit goes down).
what steps should i take to get this process rolling with chase and should i contact an attorney. we are not behind on payments.
let me know if you need any additional information.
i bought my home in the last quarter of 2006 at the peak of the nc market. because of a long commute, desire to live elsewhere, and falling home values i would like to give my house back to the bank (chase). i don't have a second mortgage and my loan is right at the value of what i owe on the property. i can save a ton of money by renting closer to work and will not have to worry about sending children to private school as the schools are great where i'm moving to. we both have great credit (mine is 750 and my wife's is over 800). we understand that we will have wrecked credit for a few years and are planning accordingly (buying new cars now and hopefully securing our new rental before credit goes down).
what steps should i take to get this process rolling with chase and should i contact an attorney. we are not behind on payments.
let me know if you need any additional information.
I would not do that, it is unethical. I would just sell the house so your credit is not severally impacted.
I'm going to contact Chase about a short sale because there is no way I can sell it for enough to cover the balance of the loan and RE commission for the broker. It is not unethical but a smart decision on my part to walk away. I'm willing to take the credit hit for several years to be free and unencumbered of this mortgage.
you need to contact your mortgage provider & discuss options available. you have mentioned that current value of property is equivalent to what you owned. i do not think there will be any problem.
apart from this, you can rent it out & use this source on income for monthly mortgage payment. just explore this option
apart from this, you can rent it out & use this source on income for monthly mortgage payment. just explore this option
the market value of rent for a comparable home in my area is about $600 less than my mortgage payment.
But NOT unethical for the banks to profit billions and then get bailed out for billions ...whilst crashing the market and STILL bonusing their employees BILLIONS! Ethics is gone in this industry, I couldn't care less about being "ethical" to a bank.
We are doing it. Stop making your payments... done. That's the only step. If you live in a recourse state, I'd talk with an attorney BEFORE doing anything. It's worth it. Even a real estate agent can help you learn what to expect. Be sure you get what you need credit wise before doing this.
Hey we are not proud, but we have come to terms with our decision... and we think it's really a smart choice for us. Sorry to all of those who disagree. This business is not about ethics at all. It's sad, but true. As much as I'd like to see the world do the right thing, as long as Wall Street and Big Banks are around... it will never happen.
Hey we are not proud, but we have come to terms with our decision... and we think it's really a smart choice for us. Sorry to all of those who disagree. This business is not about ethics at all. It's sad, but true. As much as I'd like to see the world do the right thing, as long as Wall Street and Big Banks are around... it will never happen.
well, there are still some ethical people out here, contrary to these posts. i don't condone what you're doing, nor do i condemn you. you are doing what you must do, at least in your own opinions.
but bashing everyone, painting the entire mortgage industry, all the bankers, etc. is not only wrong, it's wasteful.
but bashing everyone, painting the entire mortgage industry, all the bankers, etc. is not only wrong, it's wasteful.
