I,m moving,can’t sell house I bought with bank line of credit.What happens if I…

Tips and Deals Forums Buying Your Home I,m moving,can’t sell house I bought with bank line of credit.What happens if I…

Viewing 9 reply threads
  • Author
    Posts
    • #202982
      Anonymous
      Inactive

      …just walk away? I have good credit with a few other debts car loan and 1 credit card that I still wish to pay off.

    • #270458

      Do you mean you used an unsecured line of credit or did you get a secured mortgage loan? It makes a difference.

    • #270576

      Both good answers, but would you be able to rent it for enough to cover your loan payments? This may help until you can sell it.

    • #426391
      Anonymous
      Inactive

      Sorry, but you’re on the hook grandma. I’m not even sure you can take over the house unless they agree, all you can do is make the payments if they don’t. In a case like this you should have just bought the house and let them live in it, that way you maintain control.

    • #426392
      Anonymous
      Inactive

      Maybe you can start off by going to the bank you took the loan out at and asking about the posssiblity of them refinancing. In these times, it may be impossible for them to do so considering the economy. With the information, go to your daughter and talk to her about what you have learned and find out what the hold up is. IDK what can be done by a legal standpoint so I would suggest you contact an attorney.

    • #426393
      Anonymous
      Inactive

      As the co-signor, you have to wait for them to default on payments, and then contact the lending institution to assume full responsibility for the mortgage. Since you didn’t mention it, are you on the deed as a part owner? If not, you should get an attorney to put that in motion and perhaps your daughter and he will sign over all or part ownership to you making it easier for you to do the financial transaction.

      Since you said he did all the work, he will probably want an appraisal and be bought out of his portion of the new equity $ $ in the home (if he’s smart.)

      This isn’t going to be as simple as you calling the bank up and saying put it in my name, unfortunately. You need to get an attorney involved to get your options laid out and put in front of the other two to sort it out.

    • #426394
      Anonymous
      Inactive

      If agreed between family members mutually and nothing in writing you do
      not stand any legal support.filing any legal suit will pull on for longer time
      and strain the relations.unnecessary u will turn gray at young age.try &
      solve the problem with your mutual understanding taking persons in
      confidence. Since it is your daughter you have to wait and watch.you
      still are the owner.

    • #426395
      Anonymous
      Inactive

      Don’t you listen to Judge Judy…………it they fault you cover it……….get an attorney if you want……..you can sue anyone….. for anything……….. for any amount…………… anytime……if you can afford it……sound like a lot of LOVE to me…………you sue and your relationship is shot…………sorry……….truth sometimes hurts……

    • #289306

      they’ll still come after you for the money – if they sell the house for less than you owe them, they’ll sue you for the balance, plus fees and interest – your credit will be severely affected for years

    • #290159
      Anonymous
      Inactive

      There is no “walking away.”

      If you do, prepare to regret it for the rest of your life.

Viewing 9 reply threads
  • You must be logged in to reply to this topic.
Register New Account
Reset Password