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Letting the House Go |
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I currently own my primary residence. I have been approved to purchase another home so we can move our primary residence , without the sale of the 1st home. After we are moved we plan to auction the 1st property and clean off the mortgage so we do not have 2. My q. is if we cannot sell the 1st property and do not wish to rent it what are the consequenses of letting it go back to the mortgage company with out declaring bankrupcy. |
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If you stop paying on your mortgage and allow the lender to foreclose, the house will be sold at public auction. If the sale doesn't bring enough to cover the debt and other charges that have piled up, the lender could ask for what's known as a deficiency judgment against you. This could be placed as a lien against your other property..
Your credit record would look terrible with a foreclosure in your history. Bankruptcy is beside the point -- it doesn't really stop foreclosure anyhow, just slows down the process. |
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Edith
Originally published on December 24, 2007 |
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