I am pre-qualified for a home loan, but would like to be educated on the process of walking away from my current mortgage.
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For all the moral people. You are letting your morality get in the way of your business decisions. The banks never let that happen. I live in a non-recourse State and have two condos that are under water and have been for some time. Or can the 2nd lien holders still come after me? Both of these condos were purchased by first time homebuyers and not as investment properties. They turned into rentals after the market crashed and we couldnt sell them.
What Is a Short Sale?
It is to my understanding that once you take out a second loan aka HELOC , the properties become recourse. Please ask a lawyer and mortgage officer for details. If they really want change unfair laws, start with divorce law. Then change the walkaway law. Fair is fair. Lenders can and do go after mortgagors for deficiency after foreclosure.
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The information that it is a non-recourse State is in error. The mortgage is a personal liability only secured by the real property, and thus the debt remains as a personal liability of the mortgagor after foreclosure. Then who do I give the keys to?
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I have called every department in B of A and they keep telling me there is no way to drop off keys. How do I do this? I have a very basic question. If I should get a another mortgage with a lower interest rate, hower than 4. I lived in a house for 2 years and then had to move away for career. I could not sell the home because I was to far underwater. The house is now rented out at has been for 2 years, but I still lose money to it every month. I live in Oregon, which is a non-recourse state and my loan is non-recourse.
Does anyone know if the loan will remain non-recourse if it goes through foreclosure and it is not my primary residence anymore? I have a question concerning walking away from a mortage.
We are current on our mortage, in fact we have never been late and have even paid ahead on our balance. Our employement was transfered out of state and we have been tring to sell our house.. We have had no takers.. The house is a nice house in good shape, our problem that I see is that new homes are going in around us and our house is not new.. Banks still win in the end. If you walk away they can collect on the PMI and on top of that come after you either directly via deficiency judgments or sell the bad debt to collection agencies for years to come.
It all sounds very cavalier to make the decision to walk away when able to pay the mortgage, but that is short term thinking. I agree entirely. The banks are not in the mortgage business to help people. They are in it to make a profit. They issued many loans that should never have been granted.
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Should I feel guilty walking away from a bunch of criminals? I think not. If I live in NYC, have an apt that I am paying a mortgage on, and have two investment properties that are underwater financially in Florida, if I walk away from them, can thy come after me? Is my apt in NYC safe? Much thanks. I see many comments on here, that walking away is a bad thing.
But you think it is ok for an industry that was deregulated because they convinced the government that they could police themselves. They have caused a world financial crisis, and they are now unwilling to negotiate with the people who played by the rules. I am currently underwater by 70, dollars about double of what is owed in a neighborhood that is rapidly declining. I have 10 years before retirement age and will never recoup that. You bet your a… I am walking away. It appears as though some of the people posting here have a very strong ethical standard against walking away.
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I used to be one of you. When they passed away, I decided to sell my house and move. The house sold and was 3 weeks into the process, I moved and 2 days after arriving at my new rental home, my agent contacted me to tell me that the sale fell through. Now I have that TX house payments, utilities, upkeep etc as well as my rent and living expenses in my new location. The thought of it kills me as that is not how I was raised, but does anyone out there have any other ideas? And tired of the judgements. Ignore those who do not know and will never care.
From Ed: I think its absolutely unethical to walk away from a home you can afford. I know someone who makes over k a year and he walked away from his condo because the price dropped 50k. I think that banks should have the right to come after the balance if the borrower has assetts.
You are still benefitting from taking someone elses money and not paying it back. I wonder if you are underwater in your mortgage? What if you bought a house as an investment, something to put your life savings into with the hope of liquidating it at sometime in the future. You are aged early thirties, you sign up for the mortgage, the same month the housing bubble bursts.
You have never seen any value in your house, it plummets from the time you move in. First year 20k drop, second 40k drop, the 60k ,then k,then k. You try to rent it but have to invest more into the house to bring it up to standard.
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The bank took a gamble ,I took a gamble, the bank gets bailed out and all the folks who signed off all the mortgages will be ok. I pay extra in taxes here in Ireland for the bail out and the stinking government pensions and salaries. I have a good job but will be tied to this massive debt for at least another 20 yrs just to break even.
Just because I and others fell victim to the banks ponzi scheme. So, if I were to try and negotiate a settlement with the bank which they will refuse, and then give up the house for a short sale and go bankrupt so I can start again does that make me a lesser person?
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