Forclosure advice

[TheRealTimShady]

Ok, first off, I can afford my house, I just don't se the point anymore. My wife and me are moving to france within a year and a half. We paid 195000 for our house, currently worth 140000. We were paving to just stop paying on it and move, we plan to be fine for five years at least. Anyone he ave any info on this subject, how long it takes to get kicked out. Just stuff like that, how long it stays on credit for when we move back. Any input would be helpful.

Ps. We fave family in france

 

[MeatKing]

I think that is a really bad idea, the econemy will turn around, and the value will go up again.. You can rent the place out when your gone.. That's like chopping off your foot, to spite your leg..

The more people going into forclosuer, the longer it will take the econmey to turn around. And that affects the whole world, even France.
Sorry, I'm just saying how I feel...

 

[Tuffoldhen]

I think that is a horrible idea. My two cents. I totally agree with MeatKing, no wonder our country is in such a sorry state when people have ideas like this one.

 

[mom'sfolly]

My opinion is that you took out the loan, you have a responsibility to pay it. If you cannot, the story might be different. I lost about 30% on my first home, and I paid it off. Yes, it sucks, but it is what you legally agreed to do.

I think that foreclosure sticks with you for awhile. It may be seven years, bad things have to come off your credit report after that amount of time. A foreclosure will drop your credit score 200-300 points, and affect your borrowing for several years, not just for houses. Any future loans you secure will likely have higher down payments and a higher rate. Banks aren't going to bet on someone who has already cost them money.

You usually have something like 4-12 months from the time you stop paying until you are kicked out. It may even be longer if your loan has been sold several times. There are three foreclosed homes on my street. If I found out that one of my neighbors did what you are suggesting, I would be horribly angry.

 

[TheRealTimShady]

I asked for information on the subject, if anyone has actual information on foreclosures or a website that I can look at that would be appreciated.

I have thought about renting but the mortgage monthly is too much for anyone to pay to rent the size of the house.

other comments are not needed unless they are pertaining to the question at hand

 

[HorseFeatherz NV]

It would be best to contact an attorney in your area, who handles forclosures, to have accurate information. Many law offices are offering free advice days or a free hour consult.


State to state the laws/terms etc can and will be different.

 

[TheRealTimShady]

mom'sfolly :

My opinion is that you took out the loan, you have a responsibility to pay it. If you cannot, the story might be different. I lost about 30% on my first home, and I paid it off. Yes, it sucks, but it is what you legally agreed to do.

I think that foreclosure sticks with you for awhile. It may be seven years, bad things have to come off your credit report after that amount of time. A foreclosure will drop your credit score 200-300 points, and affect your borrowing for several years, not just for houses. Any future loans you secure will likely have higher down payments and a higher rate. Banks aren't going to bet on someone who has already cost them money.

You usually have something like 4-12 months from the time you stop paying until you are kicked out. It may even be longer if your loan has been sold several times. There are three foreclosed homes on my street. If I found out that one of my neighbors did what you are suggesting, I would be horribly angry.

I didn't buy the house. My wife did before we got together​

 

[pride&joy]

Quote:
2x

 

[MeatKing]

Quote:
I didn't buy the house. My wife did before we got together

Oh, so your just gonna get your wife to wreck her credit? Would you be so quick to do so if it was yours?

As for not needing other comments, I think that when you post something like this on a public forum. When so many people are in over there heads, because of the housing crash.. Kindv'e expected eh?

 

[Orchid]

My advice would be to avoid a foreclosure if at all possible. It will haunt your credit for at least 7 years.

If you can already afford the payment, getting a renter to pay at least half the payment would seem the logical route to me. But then I was raised to honor my responsibilties.