what will happen to home if...

[lpbmav]

i quit making my payments? i've already missed about eight payments over the last two plus years. i thought about calling lender to see if they would work with me, but i'm just not sure if this place is worth it. will i be responable to pay off home if it doesn't sell for what i owe? do they have to get fair market value or could they take whatever ? i wish that i never filed #13, i knew i was making a mistake. thanks to anone who takes the time to answer my questions.

[253BK]

They can come after you for the balance after a foreclosure sale and most of those dont bring in anything close to what is owed! If your late you can try and work it out with the bank they may have a plan for you but if you wait to long they will foreclose

It all depends on what state your in

[lpbmav]

i am not a dead beat, i try hard to pay my debts. 12.5 interest rate !!! lenders take advantage of people . if they get it up the a## OH WELL...WHAT GOES AROUND COMES AROUND!!!

[lpbmav]

can i surrender the home? or is that the same thing? thank you 253 ,im in michigan if that helps any.

[253BK]

You can surrended the house and it would have to sell and from what I have read if they dont file a claim with in 3 months they cant come after you for a balance! If you serrend and then file they wont be able to sell the house in 3 months specially in Michigan that market has really tanked!

[BULLDOGNUNEE]

Help from anyone in the mortgage or reality field

Does anyone know how the surrender works? I mean do they even try to sell it for as much as we owe? Or do they just try to get rid of it asap. I mean how much do they want to chase people down for the money they don't even have? I would think that would get costly, but I dont know very much about this subject so we are just trying to find the quickest way to go. Also how does a short sale work? Can you sell to a broker, do brokers even want these homes and do they pay what you owe? I mean this house has a future with some money and time into it, we just dont have that money. Also does anyone find it funny that our Lawyer says to us just sit tight and pay when you can, she said it could take the trustee a year to find this and then you have 6 months befor they can kick you out. Thanks from this crapy state of Michigan.

[krielly]

They can come after you for the balance after a foreclosure sale and most of those dont bring in anything close to what is owed! If your late you can try and work it out with the bank they may have a plan for you but if you wait to long they will foreclose

It all depends on what state your in

I don't believe this is accurate. If the OP is currently in a 13, they can walk away from the home, and I don't believe the lender can come after them for any $. There is no re-affirmation agreement in a 13.

Others can chime in, and will I'm sure............

[BULLDOGNUNEE]

What is a OP?

What is a OP?

[krielly]

Sorry...
OP= Original poster

[howie]

I believe 253BK is correct, at least by what my atty tells me. We are in the process of filing and are surrendering our home. He told me that in over 8000 cases, he has seen only two where people had to pay anything for the homes they surrendered. I will keep people updated as I go through this. I have already found a home to rent and will be moving soon. I am banking on not having to pay anything to the first or second mortgage. I am keeping my fingers crossed.

[emoney]

With a 12.5% interest rate, no wonder you cannot make the payments. My financial plan has worked for, with paying at least 20% down payment and a 15 year loan term.
Now I own the home, it does not own me.
regards,
emoney

[253BK]

If you are chap 13 already and surrender then no worries they wont bother on the balanced owed that is just a bad debt write off for them! Now if you just give back the house and dont file BK they can come after you BUT out of all the homes I sold last year and the few that have foreclosed NONE have been hit with a DEF balance!

If you surrender make sure not to reaffirm the loan or they will come after you even in BK 13 the good thing about filing before you give back the house is that can be used as an exemption which can be a chunk of your monthly income! Just FYI