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| It's a studio $400 a month rent. I can either sign a 12 month lease of go month by month. The security deposit is $300, and gas electric and sewage are all included. Also there is indoor parking ... |
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| Help! I must refinance my house, or I'm going into forclosure. The appraiser is coming soon and the house needs to appraise at a high figure. Is there anything I can do to (legally) coerce the ... |
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| My boyfriend and I are thinking about buying a condo in CT. We want a 2 bedroom condo but we are afraid that with the condos fees and property taxes we will not be able to afford it. My boyfriend ... |
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| I would like to add the friend because they are helping with half the down payment and will be living in the unpermitted cottage (which will help with the mortgage payment). However the loan company ... |
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| I rent out an attic apartment in a pretty old mansion. About a month ago, the water pressure in my apartment was pretty bad, and at moments it would sputter out of the faucet (air in the pipes?), or ... |
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| COULD we really see a crash in prices, or is it just likely to level out? I dont understand how a crash could happen given the level of demand for homes? am i wrong? i hope so!... |
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i heard some where that it is not the right time to by a home
or get a loan
why is ... |
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| An estate agent smashed my window because my baby was crying. Should I procecute in the hope that he would lose his ... |
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| She says she does not have the money to pay rent and that she would be leaving next weekend. I asked her to leave by this weekend and now she refuses to leave without me taking her to court. What ... |
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 Please help me understand? |
When you sell your home how soon do you get the payment for your home from the bank!?
Additional Details
My grandparents both passed away and there home was to be sold and divided ... |
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help | If I own a home and then refinace it and let it foreclose can the bank go after my other properties wchich all |
I live in Florida and can not carry two mortgages anymore. |
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john s
 |
yes, anything that is in your name, if you let it forclose they can come after you and ruin your credit, which would make the other houses interest rate sky rocket. i would try selling it. |
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American Beauty
|
People are having serious problems with their property, now days. Can you rent the house out, to meet the mortgage? Will that help you? I know it's rough, but you should try to keep the property, or sell it, rather than let it foreclose. |
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SPIFIMAN1
 |
Sure they can.
If there is a balance owed, they can take you to court and get a judgment, at that point they can garnish your wages (if your State allows it), attach bank accounts and file liens on any other property you may own like cars, boats land and homes.
All of this activity will show on your credit report and make it very hard to get any other types of loans without paying massive down payments, fees and State maximum interest rates.
It will also trash your credit for the next 7-years. |
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Gina p
 |
yes the bank will sell your house and will go after you unless you file for bankruptcy. |
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Jay P
|
If you allow the bank to foreclose on a mortgage, you will likely not get financing of any kind for year and years. This is a last resort option. Why can't you sell the house and pay off the mortgage? |
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NA
|
If you can't make the payments I suggest you to get in contact with the bank and try to work out a deal with them. Maybe the bank can extended the life of the loan, or sell it in a short sale. You need to get in contact with a reputable real estate agent in your state, who can assist you with that kind of transaction. A short sale means that you sell the property for less than you owe to the bank. The bank has to agree to that sale. At the end, you either going to be taxable for the difference, or you'll will have to pay the difference to the bank. And yes, if you don't pay, the bank could put a lien on your other property, wages, etc. |
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JEDI MASTER YODA
 |
Yes, Beware of Garnishments of your wages, llevy's and liens against your real estate assets.
Consult with a RE Lawyer before you consider such actions.
Protect your credit.
Another good tool is:
www.simpleplanning.com
GOOD LUCK! :-) |
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Alterfemego
|
What they could do is file a 1099 form to the IRS for the expenses of selling and the mortgage balance. Which in effect grosses up your income for that year.
If you are having difficulties, I suggest you contact this HUD approved counseling service 888-995- HELP. |
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claudiacake
|
They can indeed sue for your other properties. |
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m2
 |
the banks will finance up to 35% or 25% after the appraisal..(they pay for the appraisal and if they say no they know the equity isn't there and go to the next step).
you will need to get "break-a-leg bank" to put 2nd and 3rd's on... another bank i highly recommend is "shady dealings inc"
good luck |
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tiscpa
|
If the house is repossess and they resale it at a lower amount than you owe, then they can sue you to pay the difference.
The same thing when you finance a car. When a car is repossess and resold at a lower price than you owe, then you can be sued to pay the difference of what you owed and what the car was resold for.
If you owe $60,000 for a house, they repossess it and resold it for $35,000, then they can sue you for the difference which will be $25,000 plus expenses.
Likewise for a car.
If you owe $ 15,000 for a car and it's repossess and resold for $9000 then they can sue you for the difference which would be $6000.
So, the answer to your question can be yes. That depends what they resell the house for versus what you owe. |
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