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we want the bank to take our house

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blueberrylady2002 Joined: 04 Jan 2009 Posts: 1 1.39 Dollars($)	Posted: Sun Jan 04, 2009 1:28 pm    Post subject: we want the bank to take our house Like 0 Dislike 0 We want the bank to take our house.(the one we are living in) We have had it for sale for two years. Can't sell it. We have another home that We want to move in to . what will happen. When the Bank sells this house, will they ask market value, or can they sell it for what ever they want too, than we have to pay the rest? The house is valued at 125,000 and we owe 114,000 . We feel we are paying on a dead horse. Can they take our money we have in the bank? What can happen. Please help, we can't afford both. thank you
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.89 Dollars($)	Posted: Sun Jan 04, 2009 5:08 pm    Post subject: I would not recommend your strategy... Like 0 Dislike 0 The bank will foreclose when you fall too far behind in your payments. If that happens, your credit will be significantly impacted to the point where it may be difficult for you to get another mortgage with a good rate. The better option would be to rent out the house until you can finally sell it. I hope that helped Eric "http://www.dreamhomefinancing.com" [Link deactivated as per forum rules. Thanks.]
smithsussane Joined: 18 Sep 2008 Posts: 10028 Location: Alaska 919.12 Dollars($)	Posted: Sun Jan 04, 2009 8:28 pm    Post subject: Like 0 Dislike 0 Hi blueberrylady! Welcome to forums! I guess you are current on your payments. In that case, the bank will not be ready to take the property back from you. If you have defaulted on your payments, then you can speak to the lender about a short sale. If the lender accepts a short sale, then he will sell off the property in the market and try to recover his debts. If there is a deficient amount, you will have to pay it. If you cannot pay the deficient amount, in that case, the lender may either place liens on your other property or can garnish your wages. Feel free to ask if you have further queries. Sussane
Suzy Guest	Posted: Mon Jan 05, 2009 12:12 pm    Post subject: answer Like 0 Dislike 0 Hi, just quick answer....I'm done with the same situation.Your credit going to be impacted, but nobody can take your other property with other bank, or something like that. You don't need also paid this balance. Ussualy bank write off your unpaid balance.

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