i did everything to resell my house. but no luck!!. this is the house i have in downtown Houston, Texas.
i am going to defult on my loan because i do not care about my credit. but i do not want them to touch my personal assets. i have $15K in my saving and i have a house in AZ, but i only have 10K equity which i bought 2 months ago. IS THIS enough money for them for come after me??
i have 100% loan(no second loan) on the house. NOT 80/20
i heard lender cannot come after me for differences if i have a 100% loan.
but if i have 80/20 loan. the second 20% loan, i am personally liable for it.
are these true???
BUT HERE IS WHAT IT SAYS ON MY “ADJUSTABLE RATE NOTE”
(E) payments of note holder;s costs and Expenses
if the note holder has required me to pay immediately in full as described above, the note holder will have the right to be paid back by me for all of its costs and expenses in enforcing this note to the extent not prohibited by applicable law. those expenses included, for example, reasonable attorneys’ fees.
I am not an Attorney and I do have some knowledge of this issue though
Usually lenders do not come after you for the difference of the loan and what the lenders settle with on a short sale all they do is settle the case and they do this all the time with out comming after the original owner so you should be safe there.
Yes the lender can and will charge you for attorney fees for filing the NOD and other services provided and the Lender usually will usually have to take a loss for both the the Attorny’s fees and on the Principle and interest owed on the property.
I found someone who will buy my subjet to; i am so happy.
but we should keep the case open, incase someone run into this problem.
so basically, it is better to short sale than going into foreclosure??
what do i do? do i just call the lender and tell them i want short sale?
Well yes and No
If it is your property I would first start and see if you can do a forebarence which is adding on what you owe to the bank back on the principle amount owed this is a good choice if you want to stay in the home.
If that is not an option or you want to sell your home then you just call your bank and talk with the loss mitigation department and ask if you can have a short sale package and if they do not have one what they usually want is a hardship letter stating why you can not afford this house anymore through medical reasons or lost job or what ever you must make the letter sad, true, and, to the point.
Short sale is Always better than a foreclosure