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You bought a house with functional obsolesences and over improved it for the size--not giving thought that "gee, the roof is old and we need to save to fix it in a few years." You are having another child you by your own admission don't have room for. You made a lot of decisions based on hopeful "what if's." You are just another one of the collective that has caused the mortgage crisis. Everyone thinks it's not their fault, Well, everyone who is walking away does have to shoulder some of the blame.
FYI: the roof is only 10 years old, and the slab started leaking up through the floor, there was no way for us to tell that was happening until the wood floor started to buckle. also wondering...what facts are you basing your assumption that i over improved my home?
I may not be considering walking away if I had gone ahead with some ridiculous ARM on a 300k house....the govt would likely help lower my payments. Maybe my mistake is that I wasnt dumb enough! Not to mention, I havent "caused" anything, I have been paying my bills all along.
FYI: the roof is only 10 years old, and the slab started leaking up through the floor, there was no way for us to tell that was happening until the wood floor started to buckle. also wondering...what facts are you basing your assumption that i over improved my home?
I may not be considering walking away if I had gone ahead with some ridiculous ARM on a 300k house....the govt would likely help lower my payments. Maybe my mistake is that I wasnt dumb enough! Not to mention, I havent "caused" anything, I have been paying my bills all along.
You said "We then spent thousands renovating the inside of the house."
Have you actually gotten bids to see how much repairs would cost? Often roof repairs can be done for under $1000. The slab problem might be caused by a broken pipe under the foundation, and might possibly even be partially covered by your homeowners insurance.
Doyou really thnik that the mortage owed just goes way? It will effect you for years even if you can declare bankrupsy. If there is a judgement sought it can effect both of you being married as to the debt.
Doyou really thnik that the mortage owed just goes way? It will effect you for years even if you can declare bankrupsy. If there is a judgement sought it can effect both of you being married as to the debt.
i dont think that at all---I know that my credit will be ruined, etc. all i was trying to find out is exactly how a foreclosure on a mortgage in my name only would effect my husband's credit and the possiblity of him getting a mortgage in the future.
You said "We then spent thousands renovating the inside of the house."
Have you actually gotten bids to see how much repairs would cost? Often roof repairs can be done for under $1000. The slab problem might be caused by a broken pipe under the foundation, and might possibly even be partially covered by your homeowners insurance.
oh, ok, maybe i should have said we spent thousands on necessary repairs, rather than renovations. its not like we spent thousands glamming the place up with stainless steel appliances and marble floors, etc....
the repairs are frustrating no matter what the cost, as our income is not near what it used to be and no one knows what tomorrow will bring. when you are 70k in the hole on your house and prices are still dropping around you, a leaky slab and roof is like pouring salt into the wound....
I would truly think about this in what it will do in the long run.
Could it be done? Yes
Should it be done? No
It is ultimately up to you, but coming to this forum to ask questions about it, makes me think you are second guessing it. Hopefully you make the right decision though as I know people with foreclosures on thier credit and we will say that they aren't doing to well.
My husband and I have a home (which I live in) and a condo in another city as my husband works there ( We have a mortgage on both places.
My question is: We are not behind on either place right now BUT if we should get behind on the house (which is up for sale) and go into foreclosure could the bank take the condo away from us to settle the house note? Not that any monies from the condo could cover the house note but still I wondered if the bank could take both places. If yes would it be alright to put condo title in parents name to protect it? If yes would they also need to be on the condo loan or could that stay in our names and just title to condo ion their names.
I'm just trying to look ahead and have a plan just in case the worst happens.
You can't change the title with out the lender getting involved, but I am not at all sure why you would need to even think about something like this.
You say you are not behind on anything and the house is for sale. Just get that place sold! If you need to get it sold faster you need to evaluate the price. If you are worried that it will not sell for what you owe you NEED TO TALK TO THE LENDER ASAP.
You are a LONG WAY from having to worry about your "other" home and frankly in your situation the LESS you say about your overall housing / income situation the better off you will probably be...
If you are married and both working, it will be impossible to get a mortgage w/ just your husbands name in this financial climate. 5 years ago, sure no problem. Today, forgetaboutit!
They will pull his credit, see your name attached, unless the both of you have completely, and I mean completely separate credit lines, banks, and P.O. Box's. You will somehow appear on his credit report. He will list married on his mortgage application. They will then ask you for your SS# to pull your credit. You won't be on the loan, BUT THEY WILL LOOK AT YOUR CREDIT, even for a non-qualifying spouse (non-application, etc.). Your foreclosure will show up, and bang, dead deal.
Sorry.
And before some of the people here go thinking will just answer NO to any of the above, there is two new disclosures that list making false statements and their penalties.
PS: Anyone else who wants to be hostile or demeaning about my situation or someone else's like mine, should maybe direct some of that towards the banks, mortgage brokers, greedy investors, greedy builders, and those people who purchased more home than they could ever afford with a ridiculous subprime mortgage.
I have plenty of hostility toward banks, brokers, greedy investors, etc, but I will lump you in with them now. You are looking for an easy way out that will ultimately be paid by my tax dollars. Please justify why I should pay for your loss when you have the financial ability to continue paying your mortgage?
You are basically trying to do the equivalent of looting after a disaster.
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Foreclosure question
