If i stop paying my mortgage, what will happen?
We will have to move in the next 6 to 9 month due to my husbands job. We owe more on our house than it is worth right now. We tried to do a mortgage adjustment with our mortgage company so that we could sell for the market price or lower the mortgage and rent it out but the mortgage company won't work with us. We rather move and keep his good job instead of paying $ 1500,00 on a 1200 sq ft house and have 2 or 3 jobs to pay for it.
We don't know if we should stop making our monthly payments to see how the mortgage company will react? I met some random people in a store who told me that they stopped paying their mortgage to finally have the bank help them out? Is that possible, that the bank would not take you to court due to not paying the bill for 6 month or longer?
We want to do the right thing and make it work the best way for everybody?
Thank you!
Julia,
You are in the same bind that thousands of others are in right now. If you have enough income to make the mortgage payment but simply feel cheated because of the decline in the value of your house, the bank is not likely to modify your loan. Your next alternative is to do a short sale. But, if you are not financially strapped, the bank may not agree to the short sale or they might want you to contribute some funds to complete the sale. In essence, it all depends on your finances. If you add in the factor of the move, it might help you with the bank. Your best bet is to put the house up for sale and then ask the bank to approve the short sale based upon all of your financial factors.
Ed Peckham
Peckham Realty
858-278-0881
Cell 858-354-9686
you should definitely check out this mortgage relief program, at the following link ...
http://www.myfico.com/MortgageRelief/
Hope it helps
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