Your best option may be to do a "short sale". Most real estate Agents can help you with this. You can also contact a HUD approved Housing Counselor for free advice.
It means when you finish paying off your house it will be worth less than what you bought it for.
It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be able to.
This is possible. When the amount owed on a home is actually more than the resale value of that home, the mortgage is metaphorically said to be "underwater". Housing prices can fall, but your mortgage does not reflect current prices, it is fixed, once you buy your house.
you are in upside down then. I am surprised you could have mortgaged for more than the house is worth
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
The mortgage is the responsibility of the estate If the estate assets do not cover the debts, they distribute as best they can. If the court approves the distribution, the debts are ended.Another PerspectiveIn a title theory state if the mortgage isn't paid the lender will take the property by foreclosure.
You cant. You cannot refinance a property for more than it is worth.
Each lender will have specific requirements for refinancing, but most will expect that your income be significantly higher than your mortgage, that you will be able to pay closing costs after the refinance, and that your house is worth more than you are asking to borrow in the refinanced loan.
Yes, if your equity in the house is greater than the exemption you can use and you cannot pay the trustee the difference, or if there is no mortgage on the house and its value is more than the exemptions. If you are current with your mortgage when you file and get behind on your mortgage during the chapter 7, the mortgagee can foreclose. Consult a local bankruptcy lawyer.
You will be able to keep the house provided you keep making the mortgage payments. In a chpt. 13, if the 1st mortgage amount is higher than the house value, you can strip the 2nd mortgage and treat it as an unsecured creditor. If the house value is higher than the 1st mortgage, then you will need to keep paying both mortgages.
I don't think there is a bigger house cheat. The only way to get a bigger house is to make money and pay off your mortgage. On the ds, it is worth it because you get 4 extra rooms and the original more than triples.
In addition to the question, I am interested in buying this house and the owner is a relative.