Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Here goes,We have two houses one is already paid off and the other one,well we're still paying on it .We wanted to know if there is such a thing as Keys for Cash in Fort Worth,Texas?And if so does it apply to only the ones who facing foreclourse? We haven't been late on our mortgage payment but my husband and i have decided to stop making payment next month.And we going to let this house (newer one) go because the taxes,insurance,and electric bill are way to high and with only my husband working it really is taking a toll on all of us.Meaning we can't stand being in the same room anymore and my kids don't like it when my husband gets home from work because he'll start something that doesn't really matter to any of us,Anyway i'm getting of track here Sorry .Back on my situation
How will it affect our credit? Is it better to get foreclourse or short sale? Any advice would be helpful Thanks
WHAT ARE YOU THINKING?!? There is "no keys for cash" "program". When you get a MORTGAGE you are legally BOUND to the terms of the agreement and that means the DEBT is collectable even if you decide the bank is run by Satan himself!
SELL THE HOUSE! NOW! FAST!
Lots of Texas posters tell us that demand is GOOD down your way. If you stop paying the lender will COME AFTER YOU!
There is actually a "rumor" about "key for cash program". I read it in CNN money not a while ago. The idea is that borrowers return key to the lender and the lender wouldn't have to go throgh the foreclosure process, hence saving them money. And also it ecourages people not to "destroy" the house once forced to leave the house. I am not sure how this specific program fares compared to short sale or foreclosure and that is the OPs question. I would like to guess it is better than foreclosure.
If you give the house to the bank and they sell it at a loss, they will likely come after you and your paid for house in order to get the difference. You will still be making payments one way or the other. Sell your current house.
Folks rumours on CNN are not how sane people make decisions about HUGELY important financial matters. No way is lender going to allow some one that ones ONE property FREE AND CLEAR going to accept "keys" (more properly a 'deed in lieu of foreclosure' Deed in lieu of foreclosure - Wikipedia, the free encyclopedia) for another property, the LENDER NEEDS TO BE COMPENSATED!!!
There is near 100% certainty that a lender that finds out you have another property that is FREE AND CLEAR will attempt to file suit against you and force you to extract equity from the paid off house or do whatever it takes to get whatever they can out of you and your other assets!
Here goes,We have two houses one is already paid off and the other one,well we're still paying on it .We wanted to know if there is such a thing as Keys for Cash in Fort Worth,Texas?And if so does it apply to only the ones who facing foreclourse? We haven't been late on our mortgage payment but my husband and i have decided to stop making payment next month.And we going to let this house (newer one) go because the taxes,insurance,and electric bill are way to high and with only my husband working it really is taking a toll on all of us.Meaning we can't stand being in the same room anymore and my kids don't like it when my husband gets home from work because he'll start something that doesn't really matter to any of us,Anyway i'm getting of track here Sorry .Back on my situation
How will it affect our credit? Is it better to get foreclourse or short sale? Any advice would be helpful Thanks
Do not do this. "Letting a house go back" is not going to work the way you might be thinking it will. The bank is most likely going to come after you for the balance, after it has been sold on foreclosure. In addition, it's going to ruin your credit.
It sounds to me like you have a lot of other issues to address. Deal with them too.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Any advice would be helpful Thanks 
