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Additional Details
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Additional D... |
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Additional Details
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Stressed | We have a 1st and 2nd mortage on our house. The house is worth $150 and we owe $220 Can we forclose? Y or N? |
Additional Details
The reason we are thinking about doing it is we have so much other debt that it will be easier living in an apartment for 5 years and getting back on our feet.
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Landlord
 |
You seem to be overlooking the fact that if the bank manages to sell your house for 150K you still have 70k in debt to pay.
If you can manage that much debt in 5 years you should keep the house, it will have regained its value by then. Otherwise you are just repaying money but you will not own anything to show for it. |
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acermill
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YOU do not foreclose. The lender forecloses. If you are able to make the payments on your house, why would you allow this to occur ? It will ruin your credit, and prevent you from purchasing another house for about five years.
If you're thinking that you should allow a foreclosure simply because you owe more than the property is worth, that's rather stupid thinking. Would you feel the same way about a car loan, in which the value of the car is almost ALWAYS less than what is owed on the car ? |
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Oh Wise One
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Yes only if you stopped making payments though. If you're not planning on selling your home then the value of your home against what you owe is irrelevant. |
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mscarriem
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if you are not making payments are your house of course they can,. if you are making payments and continue to make payments they wont |
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loanmasterone
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You may not foreclose on your home, but if you fail to make your monthly mortgage payments your lender of both your first and second will foreclose on your home.
What difference does it make if your mortgage is more than the value of the house? Do you plan to stay in the house for more than 5-10 years. If so eventually your house will be of more value. If you an make the monthly mortgage payments this is a minor problem.
Even if you have your lender foreclose on your house now, if you decide to purchase another house do you think you will be able to purchase if for less than you purchase your current house?
I had a house that was owed more than it's value, we stayed the course and over the years we were able to get more value than we had mortgage because we stayed a long time.
It is up to you. You might go back to renting or go through the foreclosure procedure.
If you are having a problem making the monthly mortgage payments you should call your lender, there are programs in place that might assist you in that. Make sure you ask for the Loss Mitigation Department.
They can modify your monthly payments, by reducing them or deferring them for a later date, but talk to them you must.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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ebay_convert
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No - if you have not stopped making payments then you are stuck. If you are unable to continue making the payments to your current loan, then you need to call your bank and set up a different payment program.
The only way you can go into foreclosure on your home is if you stop making payments all together.
The other thing you need to consider before doing this, is if you have anything with both your names on it, like a car, boat, snow toys or anything that is expensive - the bank can take that as payment for your home.
I would do bankruptcy first - less time to wait for bad credit to fall off your credit score and you can start fresh easier.
Be delinquent on payments with your house and you can see 7 to 10 years of bad credit + all the crap that goes with it.
Good Luck, Try to make minimum payments...It's tough, I know it! |
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Joe P
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Interesting that you nor any prior answers spoke of integrity. You borrowed money for a purchase and you owe it to the lender. It doesn't matter what the present value of the home is. That is your issue not the lenders. Perhaps that is why we are in such an economic mess in this country. Man up and pay what you owe. You will feel better and will keep a good credit rating. Cut out other purchases and pay down that 13% 2nd mortgage. Adopt a pay as you go philosophy. Don't buy what you haven't saved up the cash for. Get with a credit counselor and package your debt and begin a plan to pay it all off. Take a second job if needed and dig your way out of your mess like an adult. |
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vicki g
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You can do a Short Sale to the bank, where they forgive the loan or a "deed in lieu of forclosure" only if you have the one (original) loan. If you have a second loan then there is "recourse" meaning the lender can come back and collect from you the difference they were able to sell it for. The Feds and State can tax you on the $70k loss. (which of course you never received as income, but oh well, life sucks) In either case the bank expects you to leave the house in tact...don't take the door knobs or sell the appliances. |
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kate
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Foreclosing is an act the lender takes when you do not make your payments .
Foreclose is to come take the property that is used to secure the loan defaulted on .
After foreclosure you still owe the $220 unless they are able to sell the home ,
Then you will owe the difference .
Used to be , people got more $$$$ selling it themselves so they would owe less than letting the bank sell it but in today's market , there is no way of knowing .
$220 is a medium sized loan and given the damage it will do your credit ( hard to buy a house again , get an auto loan etc ) ,
It might be best to try an keep the house if you can at all afford it .
If you can't afford it , ( worth is irrelevant at this point , it is a place to live and a rental might cost you more ) . . .
You might have to retain an attorney and file bankruptcy .
Best of luck
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