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tdm468 | If i owe $700,000.00 on my mortage and my home is now only worth $500,000.00 would forecloser erase my debt? |
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JD
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Why would you think that it is ok to walk away from your obligations just because of that? Sure you can not pay your bills and have them foreclose on your house. But they can make you pay whatever is left owed after the sale. Meaning if they sell it for $400,000 then you will still owe them $300,000 and not have a house. If you are still able to make payments then you shouldn't even be considering foreclosure. Everyone knows that house prices go up and down but you bought that house and agreed that you would pay the bank that much, it's not their fault that your house is now worth less. If you couldn't make the payments if would be different but just because in the current time it is worth less doesn't mean anything, 10 years from now it could be worth more than $700,000 or it could be worth less than it is now, this is a chance you take! |
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acermill
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Foreclosure won't erase your debt. You borrowed $700K, and that's what you owe, regardless of what the property is worth. I venture that you would not be asking if your profit went to the bank if your house was now worth $900K. Would you willingly give that $200K profit to the bank because you only owe $700K ? The same concept works when the tables are turned. |
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Big Deal Maker
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You would not only lose the home you would owe the differance of the balance owed of $200,000.00
Only way to be sure not to pay that difference is to file a BK. |
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Angie
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You need to talk with your bank about a short sale. That basically means that they will take the $500,000 as payment in full. They are being encouraged these days by the government to be more flexible with these types of situations. If this had been two years ago, you would definitely be saddled with the remaining $200,000. as a debt. |
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Real Estate Guy
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not even close. you will owe the difference. and the IRS will tax you for the difference.
read this. http://www.washingtonpost.com/wp-dyn/content/article/2008/04/11/AR2008041101914.html |
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SDD
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It's a secured debt, so the lender's only recourse is to take over the property. |
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stlouiscurt
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Probably not. What would be in it for them. |
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Gertie
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no they aren't going to take a loss like that just because your property value dropped you got a loan for that amount that is what they are going to want |
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6billionfriends
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yes. it works like magic. |
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sniff
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Hide you assets and go for bankrurptcy. you are liable for the outstanding amount - Good luck |
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