---

mortgage default

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
mel4139 Joined: 28 Oct 2010 Posts: 1 1.30 Dollars($)	Posted: Thu Oct 28, 2010 7:47 am    Post subject: mortgage default Like 0 Dislike 0 My daughter and her husband have decided to stop paying there first and second mortgages and just abandon there house and rent another one because they are very upside down and it is hard for them to make the payments even though they can. What will or could there legal problems be in doing this other than a bad credit rating be? They live in Florida
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Oct 29, 2010 2:40 am    Post subject: Like 0 Dislike 0 Hi mel! Welcome to forums! If your daughter and her husband stop paying the dues, then the lender will foreclose the property which will have a negative affect on their credit. Their scores will go down by 250 points and the lender can come after them in order to recover the deficient balance. It will be better if they can apply for a deed in lieu of foreclosure which will not only help them in getting rid of the property, but they won't have to pay the deficient balance resulting from the property sale. Feel free to ask if you've further queries. Sussane

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0