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Is paying on a 165k mortgage when the house is worth 120k or less reason enough to let the home go into foreclosure. My daughter is considering this even though whe has a good job and is making her payments.

adonis · Posted: Wed Nov 03, 2010 10:40 pm Post subject:

Welcome Meme,

If the property goes into foreclosure, it will have a negative affect on your daughter's credit report if her name is mentioned on the mortgage. If she wants to get rid of the property, she can apply for a short sale with her lender. If the lender agrees to it, then she will be able to sell off the property and her credit will be lowered by 80-100 points. However, she will be liable for paying the balance amount resulting from the property sale.

ki2 · Posted: Wed Nov 17, 2010 3:05 pm Post subject: rental property

In regards to your rental property Vpdawn, you need to know if Ohio is a state that will go after you for the difference the house may sell for. Secondly you need to go to the irs website or google the Mortgage Forgiveness and debt relief act.

Guest

I owe 106k on a rental unit appraised at about 80/85. My income has dropped 50% the last few years and I can't make the mortgage payment unless I have a tenant. Am I better off walking away, or trying to put someone in their hoping things get better the next few years? what's my best option?

smithsussane · Posted: Mon Jan 03, 2011 9:59 pm Post subject:

Hi phillyd!

Welcome to forums!

A foreclosure will have a severe negative affect on your credit report and you won't be able to buy a new property within the next 3-4 years. It will be better if you could place the property on rent.

Feel free to ask if you've further queries.

Sussane

Guest

I OWN A CONDO IN NEVADA WHICH I PLAN TO LE THE BANK TAKE BACK.
I AM RETIERED AND NO LONGER KEEPTHE CONDO BECAUSE MEDICAL REASONS AND AND A REDUCTION IN INCOME

ki2 · Posted: Wed Jan 19, 2011 2:30 pm Post subject: redemption

Redemption is the right to buy back the property from the lender, each state has laws that govern the amount of time you have to possible redeem the property. There are also rules about who can repurchase the property. You can go to realtytrac.com to see a full list of the redemption states and time frames.

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