 Mortgage default (by Mark [PA]) May 13, 2021 7:01 AM
 Mortgage default (by LisaFL [FL]) May 13, 2021 7:37 AM
Mortgage default (by Paulio [PA]) May 13, 2021 8:20 AM
Mortgage default (by Oregon Woodsmoke [ID]) May 13, 2021 8:25 AM
Mortgage default (by Ken [NY]) May 13, 2021 8:34 AM
Mortgage default (by Nicole [PA]) May 13, 2021 8:57 AM
Mortgage default (by FloridaNative [FL]) May 13, 2021 9:30 AM
Mortgage default (by MikeA [TX]) May 13, 2021 10:57 AM
Mortgage default (by Mike45 [NV]) May 13, 2021 2:56 PM
Mortgage default (by Ray-N-Pa [PA]) May 13, 2021 8:10 PM
Mortgage default (by don [PA]) May 16, 2021 1:28 AM
Mortgage default (by Mark [PA]) Posted on: May 13, 2021 7:01 AM
Message:
Investor cash out 100,000 on rental property worth 150,000
If I do not make payments and keep the cash what are the consequences --76.98.xxx.xxx |
Mortgage default (by LisaFL [FL]) Posted on: May 13, 2021 7:37 AM
Message:
Well your credit will ruined and you will owe taxes on the money at a minimum. And you will lose the property. --75.89.xxx.xxx |
Mortgage default (by Paulio [PA]) Posted on: May 13, 2021 8:20 AM
Message:
You better be sure you haven't misstated, misrepresented or omitted any info on your mortgage app (past or present) or you might be looking at some mortgage fraud charges. You can bet the lender will start digging once they see you're hosing them out of $100k. --50.107.xxx.xxx |
Mortgage default (by Oregon Woodsmoke [ID]) Posted on: May 13, 2021 8:25 AM
Message:
If it is worth $150,000 and you are happy to get $100,000 for it and lose it, why not just put it on the market and sell it for $100,000? It should sell really fast with that mark-down.
You'll save your credit rating, probably pay close to the same in taxes (maybe less), and possibly be able to get a mortgage later when you need one instead of making yourself poison to the banks and other issuers of credit. --76.178.xxx.xxx |
Mortgage default (by Ken [NY]) Posted on: May 13, 2021 8:34 AM
Message:
Definately sell it,in this market you can probably get the $150000 within days. Why are you considering letting it go to foreclosure? --72.231.xxx.xxx |
Mortgage default (by Nicole [PA]) Posted on: May 13, 2021 8:57 AM
Message:
As above, your credit is bad for a few years so that may or may not be an issue with you.
But I don't understand. Why would you do this? I'm guessing something important wasn't stated to us. You have a property that you paid for somehow in order to obtain that $100,000 in equity - either paid for outright or over time with a mortgage. You might end up with cash out proceeds from a refi (which is what it sounds like to me from the way your question is phrased) but you really aren't ahead with all that you've put into it.
Does this have to do with your other question regarding foreclosure for nonpayment of escrow? If so, and you want us to guess better at your answers, ask the real question, all at once rather than bits and pieces of a scenario.
--72.70.xxx.xxx |
Mortgage default (by FloridaNative [FL]) Posted on: May 13, 2021 9:30 AM
Message:
Sell it. Even if you are in the middle of default and the property is in poor condition, right now there are buyers willing to buy. In my area a huge percentage are cash buyers. I don't know your specific market, but there is a sellers market across the country right now. Take advantage of it. Sell it AS IS. Sell it in days. Get it on the MLS with a decent agent and you won't have to do anything but collect the proceeds. --99.56.xx.xx |
Mortgage default (by MikeA [TX]) Posted on: May 13, 2021 10:57 AM
Message:
Tell us more, why are you considering giving away $50,000 and ruining your credit? With what you have told us the story doesn't make sense. --64.130.xx.xx |
Mortgage default (by Mike45 [NV]) Posted on: May 13, 2021 2:56 PM
Message:
Learn to write coherently in English. It seems that several of our forum participants can understand you, but I was unable to make heads or tails out of it.
--76.4.xxx.xxx |
Mortgage default (by Ray-N-Pa [PA]) Posted on: May 13, 2021 8:10 PM
Message:
What town/county is this place in? I am a shopper if it isn't to far from me.
Where are you getting these values from? --24.154.xx.x |
Mortgage default (by don [PA]) Posted on: May 16, 2021 1:28 AM
Message:
Lisa--How would he owe taxes on a loan???
You all forgot that in some states the lender can get a deficiency judgment if it does not recoup full payment from the sheriff's sale. I know he said that he wants to borrow only $100k on a house worth $150k, BUT: 1. SHeriff's Sales do not bring full market value, and 2.The lender is going to add in many thousands in legal fees, inspection costs, fees to the courts, fees to the sheriff, late fees, and ongoing interest.
The deficiency judgement will then attach to all of his other proeprties as a lien. --73.141.xxx.xx |
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