I can't sell my home but need to leave town for a new job. Can i get a Home equity loan and default on it?
Tags:foreclosure, home equity loan, money, new location,
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If i default upon a Home equity loan will we have to compensate it off or will a equity in a residence we remove to foreclosure cover it? we consider we can get a 40,000 HEL. I’ll have use of which income to have a down remuneration upon a brand brand new residence in my brand brand new location. Am we thankful to compensate off a HEL or will giving up my aged residence take caring of it. appreciate you
I can’t means to keep upon profitable upon my benefaction home, so I’ll remove it to a bank, i guess.
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Related solution post:
- Sell, Refinance, or Home Equity Loan?
- do u have to wait to sell your home if you get a home equity loan?
- If I'm current on my mortgage but am ready to default on my home equity loan,what will happen to my home?
- Can you get a Home Equity loan or 2nd mortage on a house that you don't occupy?
- If you have a Home Equity Loan, Can you owner finance if you sell the house?
Two points for you to ponder:
1) Take out a "bridge" loan so that you can afford a down payment on a new home while your home is on the market.
2) Look into ERA’s Seller’s Security Plan. They can either advance you some of your equity or out and out buy your home. (http://www.era.com/erasell/ssp.html)
If you are coming to or leaving Arizona, drop me a line and I can help you further
Not a good idea. They can attach other property for the shortfall, and it can affect your job as well. Many places view credit problems as personality deficiencies.
Hey, I don’t have to agree with that view, I am just repeating it.
Do not default on it! Foreclosures are bad bad and bad! Why can’t you sell your home? Housing market in your area stale? At the least, you can take the equity loss and sell the house quickly. People will be more apt to buy a house under the appraised value. I think the equity loss would outweigh the effects of foreclosure.
It would have implications for years to come.
If you make fraudulent application for loan you are liable can’t go bankrupt and may go to jail… Surely you know if you tell the bank all of the above you won’t get a loan
call one of the local real estate investors.
you have to be flexible but don’t do a foreclosure
its a nightmare and it won’t look good.
an investor can set it up
you could rent the place out- a rent to own or something
also.
joe
If you can’t sell the house, rent it out and depreciate it on your taxes. As the other people pointed out there are too many problems with defaulting. You can also rent with an option to buy with people who don’t have a downpayment. A real estate agent can help you with that.
Even in a soft market a rent-to-own should be able to sell. If you could get a HEL for 40K, you must have a decent amount of equity. You might have to wait on buying a new place until this is sorted out, but pretty much anything is a better idea that going into foreclosure.
How ingenuitive you are. How cute. Who ever thought of this?! Why even bother with the rig-a-ma-ro of ‘sellin’ the house – - – when you can just get your equity out and go about your business. AREN’T YOU AN EFFICIENT CUTIE??!! I adore this question. Ha ha ha . I’m not being sarcastic. What a way to problem solve and simplify your life . . . plus no real-estate commission. Maybe you would pay late charges equivalent to what the commission would have been. THIS WHOLE THING MAY HAVE A FINANCIAL DOWNSIDE TOO IT, but let’s read the other’s answers and see. I LOVE YOUR WAY OF THINKING . . . even if this doesn’t work you are creative and gonna come up with all kinds of other smart things.
OK yeah, I see. . .Don’t do it. I know you are busy and it’s a pain in the ass to have to deal with an investor and all but yeah it would effect your credit.
I know of someone who may be able to take the house off your hands asap. Send me an email if your interested. I will send you my number so we can talk about your options.