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

Peggy
Home Seller

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

Answers (2)
Kylaya Investme...
Both Buyer and Seller
Superior, WI

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

Mon Aug 10 2009, 09:53
Pete Rondello Sr
Agent
Minocqua, WI
FIRST ANSWER

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!

Fri Aug 8 2008, 13:56

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