Posted on: 27th Mar, 2010 03:24 pm
I have not been impacted financially but feel like my mortgage payment is too high. If I were to let my home go into foreclosure, what will happen to me? Will the lender try to come get their money? I want to get a house in my wife's name and don't care about my credit anymore, I just don't want the mortgage company to come after me for the remaining balance of my original mortgage.
hi skinz,
isn't there enough equity in the property? if the fair market value of the property is less than the balance on the mortgage, the lender can come after you for the deficiency. besides, your credit will also be negatively affected by the foreclosure. if there's equity in the property, it is better for you to either sell the house or go for a refinance at a lower rate.
if your wife purchases a new home and you use it as your primary residence, you can use the existing home as a rental property. since you have not been financially impacted, you should not deliberately let the house be foreclosed. the lender can come after you for the deficiency and can get judgment against you.
isn't there enough equity in the property? if the fair market value of the property is less than the balance on the mortgage, the lender can come after you for the deficiency. besides, your credit will also be negatively affected by the foreclosure. if there's equity in the property, it is better for you to either sell the house or go for a refinance at a lower rate.
if your wife purchases a new home and you use it as your primary residence, you can use the existing home as a rental property. since you have not been financially impacted, you should not deliberately let the house be foreclosed. the lender can come after you for the deficiency and can get judgment against you.