Home Selling in Superior>Question Details

Peggy, Home Seller in

What can I do if I am relocating and can no longer afford the mortgage but the house has equity? I was

Asked by Peggy, Fri Aug 8, 2008

advised to allow the mortgage to lapse 2 months and have the bank do a quick sell. would I receive any of the equity?

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Peggy:
Probably not the best idea. With the bank in control, your best interests are no longer at the forefront. They will be looking to get their money as the primary focus. I believe it is always best to talk openly with your current lender. There may be some refinance ideas that they might have, or other programs to allow the transition.
Besides, if you get delinquent, you'll likely have a tough time buying your next home.
Honesty is the best policy - have a heart-to-heart with the bank. Best wishes!
1 vote Thank Flag Link Fri Aug 8, 2008
I am a real estate investor in the Superior area and I may be able to help. Please contact me at kylayainvestments@yahoo.com

Thanks,
Tonia
0 votes Thank Flag Link Mon Aug 10, 2009
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