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My home mortgage........?
I have a house, but I lost my job as a result of the awful economy we have these days. I received a letter from the bank's lawyer and they are planning a sheriff's sale on 09/01/2009. The house was 195,000 when I bought it and now the lawyer's letter said they are going after 200,000 to either cure the debt or that could be the price they are trying to get from this house. I can't refi - no job. I can't ask for more time as I did that in April 2009. There are a lot of options out there but all require a job. One other option is for me to just walk away. What happens when this house will sell for 160,000 or so, will I be responsible for the amount of the mortgage minus the 160,000?
2 Answers
- strawberryLv 61 decade agoFavorite Answer
Try the governments making home affordable plan - you may qualify for that, i don't think a job is required, however your lender has to partciapate...
Good luck, I am in almost the same boat. It sucks, but keep your head high.
- MoLv 51 decade ago
It is up to the selling bank if they come after you for the difference, but they are entitled by law to make you responsible for the difference between the mortgage and the sell price. It will hurt your credit, regardless of if they write it off or come after you for the remainder.
