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What Happens If I Walk Away From My Mortgage All Locations : Nationwide Real Estate Advice

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Showing results for What Happens If I Walk Away From My Mortgage [Clear search]
Fri Aug 31, 2012
Alain Picard answered:
All I can say is that this happens a lot. If you have a lease with the current owner of the townhome you are usually required to pay your monthly rent or you could possibly be subject to eviction. Usually what the owner does with the rent that you pay is up to them but if they aren't paying the mortgage then they eventually most likely won't own the townhome any more. As far as your security deposit being used for repairs, you would have to read your lease agreement with them. ... more
0 votes 19 answers Share Flag
Sun Aug 19, 2012
James Gordon ABR SFR SRS answered:
I do quite a few BOA short sales. If the approval letter says close on or before the 12th of September you should be good to go.
I had a closing held up one time on a BOA short over a city parcel transfer fee. The transfer fee was something not shown on the original HUD-1 so BOA refused to pay it. They needed a new HUD-1 drawn up and sent for approval.
Lot of trouble for a 00.50 fee. If I could have paid it i would have, cot me more to drive to closing than that.
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0 votes 3 answers Share Flag
Sun Aug 19, 2012
Michael Hammond answered:
Did you obtain a fixed or adjustable rate mortgage on your primary "current" home, Deb? Good Luck!

Michael Hammond
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0 votes 7 answers Share Flag
Thu Sep 6, 2012
Cindy Irwin answered:
Hey Kelly,

There are truly so many options and I can understand why you would be overwhelmed. Alpharetta is a great area and very family oriented. You can get a lot of bang for your buck in the Cumming area and I don't think the commute is killer. I would love to talk further with you and answer any of your questions in depth. I work a great deal in the Cumming, Alpharetta and the Roswell area and I LOVE working with families. Feel free to give me a call at 770-403-2426. ... more
0 votes 15 answers Share Flag
Mon Apr 29, 2013
Robert Rullo answered:
If you can get a seller to agree,it's a great idea because it gives the buyer some "breathing room" to gather all the funds required to complete the deal while getting used to the home, area etc..
You must remember that this is simply a delayed closing, and you will most certainly be required to leave a down payment when contracts are signed. Should you change your mind or are unable for any reason other than inability to obtain a mortgage, that down payment is forfeited to the seller.
There are sellers out there who will agree to these terms if (a) they don't need a "quick sale" and(b) if they feel they are protected.
If you are not currently working with a REALTOR, I'd be happy to work with you.Just call me on my cell.
Good Luck!
Bob Rullo,GRI,CBR
Associate Broker
BHG Rand Realty
... more
0 votes 5 answers Share Flag
Mon Aug 20, 2012
Angela Schrager answered:
You should check with the contract that you signed, but there is usually a clause in most real property sales contracts stipulating what the options are when an appraisal is one of the conditions of sale (and financing). Depending on the specifics of the contract, the buyer can walk away and have their deposit refunded, or they can proceed at the same price but come up with the difference in appraised value and sales price themselves, or most commonly, renegotiate for a lower price.

This is very common and acceptable.

Hope it all goes well,

Villa G Realty, Inc.
Tel: 954-816-7996
... more
0 votes 52 answers Share Flag
Sun Dec 2, 2012
Shelley Womack answered:
Email me and I will give you some direction.
0 votes 5 answers Share Flag
Sat Jul 21, 2012
Pat Perrotta LMC, CPS, CPDE answered:
The reason there are so many foreclosures here in Destin is the market was inflated. The way that happens is supply & demand. With little on the market prices go up. If that is the case for a long time the market becomes inflated. That is what is happening now there is less on the market than we have seen in 5 years and prices are going up again. Whether they go to where they were is anyones guess. There could be some pitfalls buying foreclosed properties but many are good deals. Call me to discuss your needs. A buyers agent is paid by the seller so is free to you. 850-830-5541 or visit ... more
0 votes 11 answers Share Flag
Thu Feb 20, 2014
Dennis Knight answered:
Cristina - you can negotiate the terms of the contract prior to signing. You are only limited to the extent of what is acceptable to all parties involved. After signing you are confined to the terms of the contract. If this is more along the lines of an option to buy at the end of the lease period, then you are faced with another decision, of whether to exercise your option and purchase at the predetermined price or walk away or try to negotiate a better price to purchase or negotiate an extesion on the lease and option.

So, negotiations are never ending. Each step is negotiable, as long as, someone is willing to change a predefined term or condition.
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0 votes 12 answers Share Flag
Sat Dec 16, 2017
Michelle Gonzalez answered:
Hi Pat
Is this a bankruptcy case number? While you are in active bankruptcy the bank cannot foreclose on you. However keep in mind that there are many scams out there people claiming they can stop your foreclosure. The truth is you will need to show the bank that you can continue to make payments for a loan modification. Have you contacted your lender to see if there are any options for you? Also if you filed bankruptcy your attorney may be able to answer these questions for you. ... more
0 votes 17 answers Share Flag
Fri Aug 8, 2014
Scott Godzyk answered:
In most markets it is no longer a buyers market has the amount of homes for sale has sharply declined and the amount of buyers has increased. You cannot base offers on asking price as homes priced to sell often sell for mor ethan asking. A good buyer broker can easily guide you in your market. ... more
0 votes 13 answers Share Flag
Mon Sep 22, 2014
Denny Floden answered:
Contact Denny Floden @ 941 928-9337
0 votes 11 answers Share Flag
Tue Mar 26, 2013
Vicky Chrisner answered:
It's neither unethical or illegal... and it just happened to one of my buyers and I was ticked.

In my opinion, it's not the best way to handle things. I tell everyone - if I am the listing agent in that case, I talk with my seller and say "Mr. Seller, we have a second offer - a better one - I think we should notify the first people who put in an offer and ask if they want to make any revisions to their offer, to give them an opportunity to make their highest and best offer. In my opinion, it's the best way for us to negotiate a stronger offer for you, and it has the side effect of feeling at least somewhat fair to the buyer." But, not every agent will do that... and not every seller will agree to it. I have had sellers who said "I don't want to mess around with the first people and lose the great offer we now have." As an agent I must obey the wishes of my seller. It's a contractual obligation.

The word "ethical" is thrown around wildly, but as it pertains to REALTORs, we have a strict ethical code, and it is not intuitive.... and that is why I say it is not unethical - I mean, it does not violate the ethical standards of our profession. That does not mean I think it's right or best.

I am sorry that it happened to you. If you love a property, but your best offer out there - if you play games you could lose the property. Even if you're not playing games, if someone else brings a better offer before you have a fully executed contract, well you could still lose the property.
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0 votes 15 answers Share Flag
Mon Jan 8, 2018
Michael Nelson answered:
I'd say by using one of those services and you can quote me,"You get what you pay for". When I work for a seller a buyer I have their best interest at heart and that's called a fiduciary duty. I'm there 100% for them. These services are usually less than professional and give our occupation a bad name.

Good luck,

Michael Nelson
Woods Real Estate Services
930 W Washington St. #1
San Diego,CA 92103
... more
0 votes 89 answers Share Flag
Thu Jul 5, 2012
Ron Thomas answered:
Do not be discouraged,
good things are coming.

Phoenix was one of the hardest hit,
do not expect it to turn on a dime.
0 votes 12 answers Share Flag
Fri Jun 29, 2012
Stan Battersby answered:
I'm not a lawyer but it sounds like they have you over a barrel.
I would say if the buyer wants the house and if it has been 6 months the house has gone up by at least 20% do the math and if it works in the buyers favor pay the $3,000. ... more
0 votes 16 answers Share Flag
Tue Sep 18, 2012
Connie Mitchell answered:
Ah ha! A short sale is anything but short. The time span relies on the seller's bank(s) and their tedious piles of paperwork. .........but if you are patient with the process you can walk away with a great deal for a great price. Well worth the wait! ... more
0 votes 11 answers Share Flag
Wed Jul 11, 2012
Robert Nowak answered:
The listing agent represents the bank - that's why you should have used a buyer's agent that works with distressed properties and knows how to present and negotiate offers that get accepted. If the property is only worth $200,000 you may just have to wait and see if they reduce it at this point. ... more
0 votes 11 answers Share Flag
Fri Jun 27, 2014
Lucie Ogdee, MBA answered:
If you have a good sum for a down payment, owner financing may be an option for you. Let me know if you are in that position.
0 votes 10 answers Share Flag
Sun Nov 15, 2015
Cindy Davis answered:
You can always try - but I think you are safer legally if represented by an agent. I offer a variety of programs for fsbo sellers - I encourange you to get in touch with me directly.
0 votes 62 answers Share Flag
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