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| our lease says nothing about why she can come over and we want to know if it is legal for her to come over at anytime and inspect the house without anyreason. she also makes no effort to call ahead ... |
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| A friend of mine found a job in another state, and did not want to sale or loose her home. So I told her I would live there and make the payments for her. We had no type of lease agreement. I ... |
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| I live in an apartment in Texas. I was given a three day "notice to vacate" warning today by my landlord. This is because I owe them about $240 in back rent and charges. (My actual rent is $... |
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| I have no air conditioning in my Washington DC apartment. The temperature is reaching record highs of 98 /99 degrees with the humidity making it feel like 104/105. Sleeping is next to impossible. Is ... |
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Can an apartment complex require photocopy of your Driver's License before showing unit? Why do they need it? In this age of ID theft isn't this just asking for trouble?
Additional D... |
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| On Nov. 8, my landlord told me I have to leave at the end of this month because "Relatives" are coming to move into the apartment. She also said she's going to use my security deposit ... |
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| She just moved in, permanently. I love her to death, however I think we should split the costs - so far I've been paying the mortgage, monthly assesment, utilities, etc. I do not know how to do ... |
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Additional Details
All will be legal with lawyers agents etc.... |
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| I am on disability, I want to buy a home, or rent with option to buy, My rent is to high, give some advice.? |
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shenavall | What happens if I leave my house, post the keys back to the mortgage provider and stop making payments? |
Can they seize any savings I have? What if I disappeared overseas and kept my savings in a Channel Islands bank account? |
 |
 
LILLY J
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You are in a legal contract to pay your mortgage.
if you stop paying your mortgage without contacting the mortgage company and coming to an arrangement with them then they can take you to court. If you do not attend the hearing then you will have a warrant for your arrest issued. They will find you wherever you go as they can contact any relatives you have in this country and will find you. The sensible thing to do is contact them and talk to them, you may be able to come to an arrangement even if the arrangement is to sell the house. |
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estielmo
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They'll sue you for the balance you owe. |
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Cool Hal
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they will repossess it sell it at auction to the highest bider then persue you for the balance if there is one. |
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marzypan
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Yes good idea and when you have done that let me know how you get on cos i feel like doing the same. |
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Pete
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Wow....lots of completely wrong information here in your answers...
First, you have to understand that simply by sending keys to the lender will not relieve you of your debt. The last thing the bank needs is another house to have to sell. They want your money, and that's all.
So, if you stop paying, they will foreclose. They will also get legal possession here, since just giving your keys to them does not actually give them any rights of possession.
If you don't show up to court, the judge will render a default judgement (which will be against you). You will NOT, however, be arrested....or have a warrant posted against you. This is the 21st century, and debtors prisons don't exist anymore.
So, the bank foreclosed, won, and now has your house. They will sell it, and you will remain liable for your mortgage, to the degree specified in the original contract terms. If you don't pay up, the bank will sue you again, and get a judge to garnish your wages. They won't start pulling money out of your savings, but you essentially become locked out from ever receiving any government benefits, tax refunds...or ever getting any kind of credit again.
The best thing you can do in this market is talk with your lender if you are not able to afford it. Like I said, the last thing they need is another foreclosed house to sell. They will work with you, and they will figure a way out to keep you in your house, and making payments. |
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spring_rainbows
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They will take you to court and you'll be in serious trouble! why not just sell the house and move away?? |
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doinou
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Foreclosure. They will attempt to recover their losses. |
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Antacid
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they eventually will go after you for your savings. make it disappear. after going past four months of non payment they can start foreclosure proceedings which these days is a long drawn out process in which many people stay in their home for up to a year while this all goes on. get your money out of a standard bank and put it in a credit union to stop them from getting your savings. they will drive you nuts with phone calls, but relax and let them leave messages all day. never talk to them about it as your calls are being taped. hang up on them if you have to over and over again. remember they can get up with you like 20 years later if you have cash and go after it if you get weathy in the future and live in the usa. |
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Carl UK
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Some of the answers here are correct, some are very wrong.
If you hand the keys back to the lender, and they agree to this you will be performing what is called a voluntary repossession (we will assume you have missed payments and have defaulted on the mortgage payments or you wouldn't be wanting to hand the keys back!) - they will sell the property (probably at auction for a loss) and if the mortgage is not repaid they will expect you to come to a repayment agreement as you have effectively had your house repossessed (voluntary or not). You will be only be liable for any outstanding debt arising from the sale of the property (not the original mortgage balance)
They can not do anything more than any other debt you owe as it becomes an unsecured debt (you have nothing to secure the debt on you have handed back the keys and your house).
As it becomes an unsecured debt they will have no more rights than any other company, they can issue defaults if you dont pay, they can apply for a CCJ to be levied against you.
They can not take monies out of your account unless it is an exceptionally large sum of money, and even then they can only touch accounts that are in your name only (assuming your the only person on the mortgage - that owes the debt) they cant touch an account with any other names on it such as joint accounts etc.
- they can pass it/ sell the debt onto a debt recover company or internal department who will arrange payments based on what you can afford (very easy to work out what you can afford - work out your disposable income, thats hw the courts decide what you can pay)
But if you have a repossession registered against you I would imagine a default or CCJ wont make a difference to your credit anyway. Simply disapearing wont do you any good really - are things that bad you need to leave the country?
The best option if you can't afford the mortgage repayments is to either sell the house yourself (if there is enough equity) to clear the mortgage - if not you may be able to rent the property out in order to pay the mortgage or, as you have said, hand in the keys, none are ideal but the 1st two may be better than a voluntary repossession.
Hope this helps. |
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Picanuper
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This only applies in the UK.
Your lender will begin possession proceedings. They will take possession of your home and sell it; if that pays off the mortgage, fine. If the sale raises MORE than the mortgage, that's your money. If it raises less than the mortgage they will expect you to pay that.
They will probably ask for a money judgement against you which means they can continue to pursue you indefinitely. They can't at this stage seize your savings but there are procedures they can use to get at them later.
You can try to disappear; they MAY never find you. The suggestion from another answerer that they will get a warrant for your arrest is wrong; ignore her. They may bankrupt you, which will almost certainly mean you lose any assets you have - icluding your savings. I doubt that savings in a credit union would be "safe" but I'd be happy to be wrong.
What you do is up to you; have you spoken to the lender at all ? The suggestion that you sell the property yourself, made elsewhere, is a good one; you have that right and you're likely to get a better price than the lender.
I'm not legally qualified so my advice to you is take the above as a starter and seek professional advice. However, if you simply want to walk away, you probably can; it's always possible you'll regret it later...
But good luck with whatever you decide. |
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taz c
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You can never totally disappear - they always come looking. |
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Gee Funk
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you will your house! |
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andrico1234
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you will DIE!!! |
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