Posted on: 05th Jun, 2010 06:05 pm
should i sell my two cars one toyota camrey 2007 and dodge grand caravan van 2006 both of the cars have loans
of about 6000 dollars each or foreclose my house which i bought it for 277000 in 06 which now is worth 220000-230000 or may be less or little more i am having financial hardship sometimes i feel like moving to an rental house with payments like 1000 i am having hard time with mortgage of my house which is like 2100.00 i put 16000 down when i bought the house still i have 252000 remaining balance plus i didnt pay my mortgage for last 2- 3 months plus have 30000 personnel and 20000 credit card loans what r my best opitons if i foreclose do i have to pay my mortgage companies any money my hardship will last another 2-3 months with completing my papers and getting a job pls give me some suggestions thanks in advance
of about 6000 dollars each or foreclose my house which i bought it for 277000 in 06 which now is worth 220000-230000 or may be less or little more i am having financial hardship sometimes i feel like moving to an rental house with payments like 1000 i am having hard time with mortgage of my house which is like 2100.00 i put 16000 down when i bought the house still i have 252000 remaining balance plus i didnt pay my mortgage for last 2- 3 months plus have 30000 personnel and 20000 credit card loans what r my best opitons if i foreclose do i have to pay my mortgage companies any money my hardship will last another 2-3 months with completing my papers and getting a job pls give me some suggestions thanks in advance
Welcome maniro,
If you let the lender foreclose the property, then you'll be liable for the deficient balance resulting from the sale. Once the lender forecloses the property, he will come after you for the dues. If you want to get rid of the property, then it would be better if you could go for a deed in lieu of foreclosure. You won't be liable for the balance amount after the property sale. As far as the car loans are considered, check out if you can negotiate with your lender and get a better payment plan to pay them off.
If you let the lender foreclose the property, then you'll be liable for the deficient balance resulting from the sale. Once the lender forecloses the property, he will come after you for the dues. If you want to get rid of the property, then it would be better if you could go for a deed in lieu of foreclosure. You won't be liable for the balance amount after the property sale. As far as the car loans are considered, check out if you can negotiate with your lender and get a better payment plan to pay them off.