Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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SS granted!!
We bought in 2006 and owe WAYYY more than our first home is worth.. we bought a second home and are currently renting the first one out.. Bank agreed to let us SS 1st home!!! owe 115k listed at 35K (wanna laugh, property taxes are 131.00 yearly. PATHETIC)
So it's listed for sale and I'm wondering if they can put some sort of lien on our new house we currently reside in for the balance owed.
FWIW, we/he bought the 1st house before we were married so I am not on mtg or deed and this house it's only him on 2nd house mtg but I till had to sign closing papers since we were married so I believe I am on the deed..
can they come after us for the balance?????
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Re: SS granted!!
Well, I'm not going to go into the ethics of buying a 2nd house and then basically walking away and sticking the problem with the bank (and other homeowners in the neighborhood).
This is a state specific question and I don't know the answer to it. You should have probably researched this a while ago and now, I'd contact a lawyer to see what you need to do.
I should have added that we had tenants in our 1st home with a lease (in order to get 2nd home loan we had to rent 1st one and provided proof of lease and security monies) but 4 months in they decide to move out on us so now we're stuck with both mortgages so this is only option cause we can't get anyone else to rent it.
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Everyone welcome.
Not always...some banks have been going after the homeowners for the difference in recent months. They have also tried to get new owners to be on the hook for the outstanding amount. Like PP said, an RE attorney should be able to guide you.
As PP have stated, you definitely need to get a real estate lawyer who is well versed in short sales. You need to check and see if your state is a recourse state. If it IS a recourse state the bank can and will probably come after you for the amount you owe. Banks are doing this more and more since there are so many people that want to upgrade to a bigger and nicer house and walk away or short sale their existing house and screw the bank.
You need to consult a lawyer who can advise you and protect you. There are releases that need to be signed in order to actually release you from the amount you owe. Even if the bank approves the short sale they are not necessarily releasing you from your contractural obligation. If they do go after you they WILL place a lien on your house, they might garnish wages, and go against any other assets you have.
Again, this will depend a lot on what state your house is in and the recourse laws on that state.
Well, no offense but part of me wishes that they come after you for the difference. I bought a house in late 2004 for $265K and sold it earlier this year for $208K and covered the difference + realtor fees out of our pocket and still put 20% down on our new house. We made the decision to save, save, and save until we could move to the area we wanted and not run away from our mortgage... However, it's your choice but you should speak with an attorney.
We are doing the exact same thing. We are bringing $20K+ to the table to sell our house then have to turn around and put a down payment down, etc and still keep an e-fund. I would never be able to stomach a short sale unless it was due to job loss, medical bills, etc. not just "I wanted a nicer house." Plus I have worked too hard for my perfect credit to flush it down the toilet for the next 7 years. Hope OP doesn't need a loan of any sort anytime soon.