Foreclosure in Brentwood>Question Details

B, Home Seller in Brentwood, NY

If you walk away from your home, what money if any will you owe?

Asked by B, Brentwood, NY Mon Jun 2, 2008

In other words, do they charge you taxes on the loan amount that you walked away from? Also, how bad will your credit be affected?

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It depends if the property is a primary residence, second home or a rental property. This article should clear things up. You may want to talk to a lawyer as well.

http://getprequalified.com/article/105088/real_estate_forecl…
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Tue Jun 3, 2008
I think this may help answer your questions....
0 votes Thank Flag Link Sun Aug 3, 2008
You need to act fast! I can lower your mortgage payments without having to refinance your loan! We can stop the foreclosure process with the many connections we have at banks! Call today and start saving tomorrow! 877-822-7468. I look forward to helping you with your present situation!

Danielle
0 votes Thank Flag Link Sun Aug 3, 2008
I think it was Churchill who said something about NEVER NEVER NEVER giving up. No matter what, you still have options, either through your mortgage company, an attorney or an informed friend, to keep your home. Home ownership is one of the most impoertant things that you'll ever be associated with: And you
will find an answer to your problem, HANG IN THERE. Everyone, generally, has had or will have a financial problem, now is the time to fight hard, because the alternatives are not pretty and are long lasting. Get legal advice ASAP.
0 votes Thank Flag Link Wed Jun 4, 2008
In short, the answer very simply put is that you have options, regardless of how dim the outlook. I am a Realtor who is knee deep with many, many, clients in financial crisis. This is the time in life where we can professionally help people to come up with viable, legal, and ethical answers to their personal needs.
Regardless of the market conditions, people can move around and do what they need to do, even when everything seems upside down. Try in your heart to trust professionals who can "easily" help you with your problems as they relate to Real Estate. I volunteer as well as other members of my profession will to truly come to bat offering you practical solutions. Faith-Action-Reward.
Look up my profile, it says it all!
0 votes Thank Flag Link Tue Jun 3, 2008
B,
Talk with an attorney first and foremost.

All legal and realtor-ish answers aside - let's talk like humanbeings here for second. What are you options? Financially, if you're asking for someone else or yourself - what exactly is the situation? Is there another way to work this out. Can the homeowners make the payments - find a way to get it done? Don't give up!!!! If there's a way to make the payments, then MAKE IT HAPPEN. Barring major trauma to the mind and body - if it's a matter of "losing a job" or divorce or somethign that doesn't involve loss of limbs or the mental capacity to simply get up out of bed and WILL things to get better - then I say, tighten up the boot straps, hunker down and find a way to make it happen.
What I'm trying to say here is - and it's a message I give all people when I sit with them -
1. Search out ALL your options - find ways to pay your mortgage - period.
2. Consult a Realtor who may be able to assist you with a GOOD legal referral - (personally, I would go with a name you trust...i.e. Coldwell Banker :) In order to gauge quality - if they're pushing you or leading you toward giving up, short sale, foreclosure right away - move on.
3. Talk to an attorney - one who is talked about alot, a name that's trusted. You can also get a referral from a financial advisor (if you have one) or your insurance agent.

Now if it's just a matter of "I don't want to live here anymore" - to me, that's just living irresponsibly. No offense intended at all. But I've come across this and I just think it's unbelievable that people go into things like buying a home as if they're renting and just turn around and walk away, leaving a home destroyed...in my opinion - that's totally unfortunate and sad, especially when children are caught in the middle.
In any event, B - good luck to you (or whom ever your asking this question for). I wish you all the best!

It's like that fitness guy on TV says..."YOU CAN DO IIIIT!"
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Tue Jun 3, 2008
You will owe the difference between your mortgage balance and whatever the bank sells the house for after the foreclosure (including ALL COSTS INCURRED). If it's a positive amount you could receive a check! But the very most often scenario is you owe a lot of money back. Your credit will suffer, very badly too. Gail below has a very good response as to letting you know your options. I BUY HOUSES, and if there isn't any equity I can do the short sale, thus you don't have to go to a realtor and find a buyer because I am the buyer! Contact me if you would like to know more and maybe I can just buy the house.

Regards,
Will Robles
888.605.9190
will@firstcasasolutions.com
0 votes Thank Flag Link Mon Jun 2, 2008
There are several levels of action you have in front of you.

1. Try renegotiating your loan with the lendner
2. Try a short sale and be forgiven the money you owe. If it is your primary home, you will not be assessed the tax on the forgiven amount.
3. You can do a deed in lieu which is basically turning the keys in and walking away.
4. You can file bankruptcy and try to keep the house from being foreclosed.
5. You can allow a foreclosure.

Most important thing you can do is to contact an attorney for advise. Realtors cannot give legal advise and I may have missed something or may be incorrect about something I have said.

I know your credit will be affected no matter which course you take.

If you would like the name of a great bankruptcy attorney who will try first of all to try and save your home, contact me offline at Gail@GailGladstone.com.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Jun 2, 2008
That's a big question. What is your equity? What do you owe? You don't have to walk away. You can do a short sale but you need a good agent and attorney to guide you. Call me and I can guide you through the process. 203-249-2693
0 votes Thank Flag Link Mon Jun 2, 2008
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