 unclutterednest
Joined: 13 Nov 2009
Posts: 1
1.42 Dollars($)
|
Posted: Fri Nov 13, 2009 10:15 am Post subject: FORECLOSURE
|
 Like 0
 Dislike 0
|
|
| I owe 195,000 on my house. It's a second mortgage that's two years old, I used the money to pay off debt and purchase a small condo for $65,000, but the morgaged house is my homestead. This house was worth $300,000 when I got the $200,000 loan. It is now appraised at $160,000.00 so I can't get a refinance on the interest. I can't see the wisdom in struggling to pay off the monthly payment on a house that is worth $35,000 less than what I owe on it, and plummeting in value. I live in Florida...what would the penalty be if I just let the bank foreclose? I know I'd lose the house, there's no equity in it now obviously....would I get a form to be forced to claim it as income and have to pay tax on it? would I be liable for the difference in what I owe vs. what they eventually sell it for? Would I be liable for attorney and court costs for them? And would I have to pay the insurance and taxes even after it's in foreclosure? I'm so stressed over this decision, I've been trying to make it for a year now.......it's getting worse and worse. Your oppinion and advice would be greatly appreciated. |
|
Mortgage Forums 
