| Question |
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Who do i turn my keys to if i have a 1st and 2nd mortgage loan?
I dont want to pay my house anymore and i just want to return the keys? can i do this?
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| By
didyouknowy |
Posted on
05/09/08 Total Answers
8 |
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| Answers- |
| The 1st mortgage holder has the first right to foreclose.
Why would you just want to stop making the payments. You know that house prices will go back up? Housing prices have always gone up and down. You just hold the house until it goes up and then sell it.
If you let them foreclose, you'll have a hard time renting or buying something else. |
| Answer by :
Tim On Date
2008-05-09 14:43:05 |
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| You can't just stop paying for your house. You need to sell your house if you don't want to live there. |
| Answer by :
Katie K On Date
2008-05-09 14:43:20 |
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| ypu'll have to either foreclose or do a "deed in lieu" either way, it effects your credit. With foreclosure you may be in the house for another yr, or longer (without a house payment) until its settled. the deed in lieu, you'll probably be there another 3 months(without a house payment) You can 't just walk away. There's a short sale option too. You need to do a little research and talk to your mortgage holder. |
| Answer by :
NightOwl On Date
2008-05-09 14:45:45 |
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| Toss the keys in the river and let the bank worry about it. They're gonna change the locks anyways. |
| Answer by :
Victor On Date
2008-05-09 14:47:47 |
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| (ahem)... the other answers are better than mine, I rescind |
| Answer by :
intensity & vivacity have failed On Date
2008-05-09 14:52:48 |
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| Yes. Its called foreclosure and ruined credit. Neither lender cares about "the keys." |
| Answer by :
src50 On Date
2008-05-09 15:24:06 |
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| think you are just going to walk away???
Read this. http://www.washingtonpost.com/wp-dyn/content/article/2008/04/11/AR2008041101914.html |
| Answer by :
Real Estate Guy On Date
2008-05-09 15:26:42 |
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| it would depend on the state you live in. usually the lender with the 1st mortgage has the first lien priority. that means that they have the first right to take your house.
However i cannot stress enough that if you go into forclosure it will destroy your credit and it is not a very good idea. instead i would contact a real estate agent and tell them you just want to get what you owe on the house and that way you can at least pay off the mortgage and not have credit trouble |
| Answer by :
loan_solutions On Date
2008-05-13 11:38:30 |
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