Foreclosure info

5keepers

5keepers

Your Rig Sucks
Joined
Mar 20, 2005
Location
Kingsport, TN
Not buying. "HYPOTHETICAL" Let's say that I have some relatives that own a couple properties. They live in one and rent the other. The rental makes no money and is more trouble than it's worth. They just want out of it. Selling is not an option as they are so far "upside down" in the mortgage that they would lose their shirts. Since the homes were bought many years ago, the economy has tanked, housing markets are a joke, he has been cut back to part time work, she has been laid off and lives on pension, and they have of course gotten older (60ish each). They are considering letting the rental mortgage foreclose and just keep their primary home. They both have fairly new vehicles and need nothing really. The mortgages are from different companies. Question is; what's the worst that can happen to them? Of course their credit will be in the crapper but they aren't concerned with that. They don't have any real assets to go after. Can wages and such be garnished? Is it a criminal matter with any threat of jail? I have so experience in this type of stuff so I call on NC4x4 for info.
 
The house is the asset that is seized. End of story.
 
First why try to cheat someone that loaned money? If they made a mistake then make it right.

Sell the rental. If it goes at a price less than what is owed then take an equity loan on the one they live in for the difference and pay it.

Foreclosure when you owe more than it's worth is only hurting our economy more than it already is. Don't be part of the problem, be part of the cure.
 
GubNi said:
First why try to cheat someone that loaned money? If they made a mistake then make it right.
Sell the rental. If it goes at a price less than what is owed then take an equity loan on the one they live in for the difference and pay it.
Foreclosure when you owe more than it's worth is only hurting our economy more than it already is. Don't be part of the problem, be part of the cure.
Click to expand...

I 100% agree. They legally agreed to pay for it. Now they can't. It's not the banks fault. Why make them pay for it. They made the choice to have the rental, it was their risk not the banks.
 
GubNi said:
First why try to cheat someone that loaned money? If they made a mistake then make it right.
Sell the rental. If it goes at a price less than what is owed then take an equity loan on the one they live in for the difference and pay it.
Foreclosure when you owe more than it's worth is only hurting our economy more than it already is. Don't be part of the problem, be part of the cure.
Click to expand...


I agree completely. This situation has been the same for years and may continue for years. They are just curious.
 
Back
Top