My house is falling apart and i cannot afford to fix it. can i just stop paying my mortgage and give it back to my mortgage company?

Asked by Needlotsofhelp86, 92083 Wed Nov 4, 2009

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Bill Eckler, Agent, Venice, FL
Wed Nov 4, 2009
Repair and maintenance issues are NOT acceptable hardship criteria used by banks. They generally look at loss of income, declining health, disability etc when determining the special needs of borrowers.

Be sure to explore all options prior to walking away from your home and your responsibility to the lender.

Good luck
The Eckelr team
0 votes
Kari Shea, Agent, San Diego, CA
Wed Nov 4, 2009
Hi,

You do have options. Have you had a contractor out to see what it would cost to fix your home?

With that information, you can call your lender to discuss options as they have a vested interest in the condition of the property as well. Tell them how you feel about your option, which is to walk away.

Best regards,

Mark and Kari Shea
Real Estate Experts Serving San Diego County
Investment, Foreclosure & Short Sale Specialists,
Development Opportunities & Traditional Real Estate
0 votes
Joan Wilson, Agent, San Diego, CA
Wed Nov 4, 2009
You might want to investigate a short sale. Talk to a realtor and see what your options are.

Good Luck,
Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
Co-author of “Should I Short Sale My Home?” Advice on what options are available.
0 votes
San Diego Ho…, , San Diego County, CA
Wed Nov 4, 2009
Dear Needlotsofhelp86,

I agree with Stephen. It is definitely not too late to do a short sale and avoid foreclosure on your record all together. Plus, the sale can be postponed and you may get to stay in the house quite a bit longer while we are working out the short pay proposal with the bank.

We specialize in short sales and I'd like to encourage you to seriously consider a short sale for your property, as that definitely minimize damage to your credit, along with having some other benefits you may wish to consider.

Please contact me at chris@ SanDiegoHousingSolutions.com and I'll be glad to provide some more information for you regarding this subject, along with a list of possible scenarios to consider.

Sincerely,

Chris Mackey
San Diego Housing Solutions
t. 858-254-6741
f. 858-433-2963
Chris@SanDiegoHousingSolutions.com

California DRE License Number 01352399
MLS Agent ID: 642572 (180046 former #)

Sales - Short Sales - Loan Modifications – Investments – Consulting http://www.SanDiegoHousingSolutions.com or http://www.SDHS.com
0 votes
Stephen Luck…, , Baltimore County, MD
Wed Nov 4, 2009
James is right in that your mortgage company does not own the home-nor would they like to truly. You don't expand much on your situation but there are entities in most cities that will help in certain situations to help you keep your home and do some maintanence work to keep it in a livable standard.

If you wanted to walk away, what would you do? Could you afford another house or start renting? If you have some where to go and need to get out from under your mortgage-talk to a good realtor that is knowledgable in distressed properties. You can short sale the mortgage, which will be much less negative to your credit than a foreclosure or deed in lieu. Also, a realtor that is currently working with investors could get your home under contract quickly and handle all of the bank negotiations for the short sale.

Since I don't know the particulars of your situation, I really cannot say what is the best way to go so it would be best to get good local advice so you can discuss your options face to face.

My best wishes for resolution to your situation.
0 votes
James Gordon…, Agent, Hamilton, OH
Wed Nov 4, 2009
How can you give it back to your mortgage company when they never owned it? There may be options in your area to give assistance in helping you maintain your home. The best place to call in my area is 211 which connects you to United Way. You may want to find what services there are in your area to help you keep your home.
Web Reference:  http://www.Find1Home.com
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