I have a question foreclosure as detailed below?
I'm thinking of leaving my house back to shore, here's my story. The original purchase price was 149.000 Later tookout 35,000 second mortgage to consolidate debt to it. I bought this house in 2003 and the house is worth 125 000 now. I've become very ill and unable to work to keep this house is out. If I let it go what will be the tax consequences and the bank will come after me for the rest, the property is in California. Also all the other options to consider for me would be fantastic. As for changing banks the loan, we all know this is a joke and not made. This is not a sad or emotional, it's just a house, just looking for some ideas.
Well if you only had a mortgage on your property that could have called your lender and tell them that instead of foreclosing on the house you want to make a Deed in lieu of foreclosure. That means you just title the property back to them. The first lien is to give the title to the property. However, their is a second mortgage and you can not transfer ownership of them that they have the possibility to collect. So your only other option is to put its house in market and try to SHORT SALE property, which means the Second Lien only receive $ 1000.00 and the first mortgage gets less than what they should be too. Be This market sucks, my husband and I bought our house in the nearby peak of almost the market, we paid $ 204K for our house two years ago, currently owes $ 185K and our house is worth $ 166 K. So are upside down on our mortgage. But we know that one day things will turn around again, so I just hope keep doing what we are doing, working to pay our mortgage and making simple updates bit some day. If the bank does not run on its second lien mortgage disappear but the debt will remain forever and you can still pick up on it, or may present a sentence against him and deficiancy then be considered as a gain in taxes and you have to pay taxes on gains you made from not paying their debts.
Home Equity Loans & Second Mortgages
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