Posted on: 20th Apr, 2009 01:32 am
I have a house in Washington State, back in 2007 I got a job in Houston
and put our house for sale, our realtor suggested we put it for rent instead so we make more on equity, my wife agreed, our realtor rented this out to this lady, to make this story short she end up not paying rent for 6 months while we were paying $1500 on mortgage and utilities a month, our realtor said there is nothing he can do, I end up payingg $1000 to a lawyer to have her evicted, our house was a mess, it was worth $230,000 at that time it was rented, we still owe the house $176,000. We do not live on the house anymore since June 2007 as we have rented a apartment in Hosuton were I have my job, it has been on the market since July 07, I'm still paying $1300 on mortgage, my earnings is barely enough to pay my mortgage, my rent for the apartment, my bills and food, I'm losing $1300 a month.
My question is, if I put my house to foreclosure, would I still owe the bank after my house is foreclosed?
I know my credit will go down the toilet, but I cannot afford paying $1300 a month for a house I have not been living since July 2007 and I have other bills and debts I have to pay as well.
My new realtor said the house is now only worth $150,000 in todays market and it has been on the list since July 2007.
and put our house for sale, our realtor suggested we put it for rent instead so we make more on equity, my wife agreed, our realtor rented this out to this lady, to make this story short she end up not paying rent for 6 months while we were paying $1500 on mortgage and utilities a month, our realtor said there is nothing he can do, I end up payingg $1000 to a lawyer to have her evicted, our house was a mess, it was worth $230,000 at that time it was rented, we still owe the house $176,000. We do not live on the house anymore since June 2007 as we have rented a apartment in Hosuton were I have my job, it has been on the market since July 07, I'm still paying $1300 on mortgage, my earnings is barely enough to pay my mortgage, my rent for the apartment, my bills and food, I'm losing $1300 a month.
My question is, if I put my house to foreclosure, would I still owe the bank after my house is foreclosed?
I know my credit will go down the toilet, but I cannot afford paying $1300 a month for a house I have not been living since July 2007 and I have other bills and debts I have to pay as well.
My new realtor said the house is now only worth $150,000 in todays market and it has been on the list since July 2007.
Welcome Ralph,
As far as I know Tennessee is not a community property state but it allows community property trusts and property placed in that trust will be considered as a community property. After reading your query, I don't think the house is a part of community property trust, if any. In such a case, the husband won't be liable for paying the deficiency judgment for the wife.
As far as I know Tennessee is not a community property state but it allows community property trusts and property placed in that trust will be considered as a community property. After reading your query, I don't think the house is a part of community property trust, if any. In such a case, the husband won't be liable for paying the deficiency judgment for the wife.
Adonis, thanks for your reply....why would the mortgage company then ask for our bank statements since I have nothing to do with my wife's mortgage before marriage? My bank pays our bills and my only income is a pension...my wife has no income....I know that a pension is protected, but why do they want the bank statements?
HI Ralph,
This is something which the lender will be able to clarify. You should get in touch with the lender and check out why he needs your bank statements.
Thanks
This is something which the lender will be able to clarify. You should get in touch with the lender and check out why he needs your bank statements.
Thanks
Babydoll here again,
our house has still not sold in Ohio. my husband is ready to move to be with me and will be taking a major pay cut. there is no way that we can keep paying on the equity line loan of this house and also be able to pay our monthly bills down here. we have dropped the price down to what we owe on it and still no buyer. can we do a Deed in lieu of foreclosure? to get out of this house?????
our house has still not sold in Ohio. my husband is ready to move to be with me and will be taking a major pay cut. there is no way that we can keep paying on the equity line loan of this house and also be able to pay our monthly bills down here. we have dropped the price down to what we owe on it and still no buyer. can we do a Deed in lieu of foreclosure? to get out of this house?????
Hi Babydoll!
Welcome to the forums!
You can definitely apply for a deed in lieu of foreclosure with your lender. However, you should remember that a deed in lieu of foreclosure will have a negative impact on your credit and will lower your scores by 250 points.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You can definitely apply for a deed in lieu of foreclosure with your lender. However, you should remember that a deed in lieu of foreclosure will have a negative impact on your credit and will lower your scores by 250 points.
Feel free to ask if you've further queries.
Sussane
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