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If you are paying interest only on a mortgage and have no equity in a home that has depreciated can you abandon the property?
Wiki User
∙ 17y ago
Sure, if you don't mind losing your entire investment, ruining your credit rating and being hassled by creditors. Ok... enough sarcasm... maybe you need to talk to Suzie Orman. Yes, but the borrower will still be responsible for any deficiency between the loan balance and the amount that the lender receives in the sale of the property. In addition to any deficiency that may result, the borrower is also responsible for all other costs incurred by the lender related to the foreclosure process.
Wiki User
∙ 17y ago
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How long after you file a chapter 7 are you supposed to turn over property or do you wait for the meeting of the creditors so the court can tell you?
In the case of a home, it will be sold at Sheriff sale on its own. (or the Trustee may sell it) In the case of any other property, the Trustee must abandon the property, then the Creditor will contact you (or your attorney if you have one) to arrange to get the item. If its a car, or some other type of personal property, you can sometimes accellerate the process by calling the creditor's attorney. (Or the creditor if they don't have one) Ask the Trustee at your 341 hearing (meeting of the creditors) what he/she thinks. They may abandon it right there.
What is some 7 letter verbs?
arrange release squeeze abandon
Where can you find 10000000 dollars?
It would be very rare for you to find this much money. You could find it in a abandon mansion.
Is foreclosure done quicker if home has been discharged in bankruptcy?
A home is not discharged in bankruptcy. The mortgage(s) and home equity loans, lines of credit, etc., are discharged, but you have to abandon the real estate in the bankruptcy. That means the mortgagee can go ahead with a foreclosure if there was none before the filing, once the Chapter 7 is closed. Chances are the mortgagee would ask for relief from stay to go ahead with the foreclosure. The trustee may get any excess from the sale, unless it was exempted.
Leases?
Lease(Download)The State of ___________ County of _________This lease is made between __________, of _______________, __________, ___________, herein referred to as lessor, and, ________, of __________________, _____________, __________, herein referred to as lessee.Lessor hereby leases to lessee and lessee hereby hires the space presently known as:_______________________________________________________________In the building located at _____________________, ______________, ___________, referred to below as the building, the same constituting ______ square fee MOL.The space is leased for a term of ____ months, to commence on ______________ and to continue until _______________.The total term rental is the sum of $_______ (_____________&___/100 dollars) which is payable in equal __________ installments, in advance, on the first day of each _____________. Lessee shall in addition pay such applicable sales/use taxes as may be levied from time to time by competent authority in addition to the base rental.Lessee shall pay rent, and any additional rental as provided below, to lessor at lessor's above stated address, or at such other place as lessor may designate in writing, without demand, and without counterclaim, deduction or setoff.Lessee shall use and occupy the premises as ____________ and for no other purpose. Lessor represents that the premises may be lawfully used for such purpose.Lessee shall commit no act of waste and shall take good care of the premises and the fixtures and appurtenances therein, and shall, in the use and occupancy of the premises, conform to all laws, orders and regulations of the federal, state, and municipal government of any of their departments. All improvements made by lessee to the premises which are so attached to the premises that they cannot be removed without material injury to the premises, shall become the property of lessor upon installation.Not later than the last day of the term lessee shall, at lessee's expense, remove all of lessee's personal property and those improvements made by lessee which have not become the property of the lessor, including trade fixtures, cabinet work, movable paneling, partitions and the like; repair all injury done by or in connection with the in installation or removal of the property and improvements; surrender the premises in as good condition as they were at the beginning of the term, reasonable wear and damage by fire, the elements, casualty, or other cause not due to the misuse or neglect by lessee or lessee's agents, servants, visitors, servants or licensees, excepted. All property of the lessee remaining on the property after the last day of the term of this lease shall be conclusively deemed abandoned and may be removed by lessor, and lessee shall reimburse lessor for the cost of such removal. Lessor may have any such property stored at lessee's risk and expense.Lessee shall not, without first obtaining the written consent of the lessor, make any alterations, additions or improvements in, to or about the premises.Lessee shall not do or suffer anything to be done on the premises which will cause an increase in the rate of fire insurance on the building.Lessee shall not permit the accumulation of waste or refuse matter on the leased premises or anywhere in or near the building.Lessee shall not, without first obtaining the written consent of the lessor, abandon the premises, or allow the premises to become vacant or deserted.Lessee shall not, without obtaining the written consent of the lessor, assign, mortgage, pledge, or encumber this lease, in whole or in part, or sublet the premises or any part of the premises.Lessee shall observe and comply with such reasonable rules and regulations as may be established from time to time by lessor.If the building is damaged by fire or any other cause to such extent that the cost of restoration, as reasonably estimated by lessor, will equal or exceed 60% of the replacement value of the building, just prior to the occurrence of the damage, then lessor may, no later than the seventh day following the damage, give lessee a notice of election to terminate the lease. In the event of such election this lease shall be deemed to terminate as of the date of the damage or destruction, and lessee shall surrender the premises within a reasonable time thereafter, and any pre-paid rent shall be refunded proportionally.If the premises or any part of the premises, or any part of the building materially affecting lessee's use of the premises, be taken by eminent domain, this lease shall terminate on the date when title vests pursuant to such taking. The rent shall be apportioned as of the termination date and any rent paid for any period beyond such date shall be repaid to lessee.This lease shall be subject and subordinate to all underlying leases and to mortgages which may now or hereafter affect such leases or the real property of which the premises form a part, and also all renewals, modifications, consolidations, and replacements of the underlying leases and mortgages. Lessee agrees to execute such estoppel letters or other documents required to confirm the same.Lessor may enter the premises at any reasonable time, upon adequate notice to lessee (except that no notice need be given in case of an emergency) for the purpose of inspection or the making of such repairs, replacements, or additions in, to, on and about the premises or the building, as lessor deems necessary or desirable.Lessor shall make all necessary repairs to the premises, except where the repair has been made necessary by misuse or neglect by lessee or lessee's agents, servants, visitors or licensors.Lessor agrees to furnish electricity for usual office requirements; however, lessee shall not use any electrical equipment, which in lessor's reasonable opinion will overload the wiring installations or interfere with the reasonable use of such installations by lessor or other tenants in the building.The Lessee shall at all times maintain ___________________ insurance with a minimum $________ _______________________. Lessee shall provide proof of this coverage to the lessor.This document represents the entire agreement of the parties and there are no representations not stated herein, and this agreement may only be modified by a writing executed by both parties hereto.Dated: __________________________________________________________________________Landlord_____________________________________________Tenant_____________________________________________Guarantor of Tenants Obligations, if requiredLeaseReview ListThis document is provided to inform you about this document in question and assist you in its preparation. This is a one-size fit all lease that covers most residential and commercial leases just fine.1. Make multiple copies. Give one to each signatory. Keep one with the transaction file.2. Note the inclusion of a guarantor of the lease. This extra collateral can be extremely useful for collection purposes if the lessor is a new business or young person without a long time credit record.
How do you abandon real estate property?
You leave the property and stop paying the mortgage and taxes. However, be advised that your debts regarding the property will keep accruing. If there is an outstanding mortgage the lender will go after you for the amount you owe and legal costs if it forecloses. If you fail to pay your property taxes the town may eventually take possession of the property and sell it. While the property is in your name you have liability issues.
Is a mortgage company entitled to the insured's loss settlement?
They MAY be entitled. You will have to research your loan documents. If the lender believes is is the intention of the borrower to "walk away" and abandon the the mortgaged property, they MAY be able to attach the insurance settlement in order to protect their financial interest in the property. All of this would have to be done legally, of course, through a court of law.
Why does Darnay plan to abandon the property of his family when he inherits it from his uncle?
"This property and France are lost to me," said the nephew, sadly; "I renounce them." "-I would abandon it, and live otherwise and elsewhere. It is little to relinquish. What is it but a wilderness of misery and ruin!" To the eye it is fair enough, here; but seen in its integrity, under the sky, and by the daylight, it is a crumbling tower of waste, mismanagement, extortion, debt, mortgage, oppression, hunger, nakedness, and suffering."
How is abandon property treated in Alabama?
The bank takes it, sells it.
Can your boyfriend sue for property he abandon 10 months ago?
not sure
How do i get rid of an abandon vehicle on private property in wash state?
Call the police
How long does it take for the trustee to tell you what is going to happen to a piece of property that he could auction or let you buy back or abandon?
there is no set time for such a decision. Although it is everyone's best interest to get all the issues resolved as quickly as possible. The trustee's decision will be made on how encumbered the property is, appraised value, etc.
My husband and I are separated he's filing chapter 7 bankruptcy One home is in his name and another in both of our names Can the court take my home Iowa?
The court does not take anything. Is that the one in both names? Was he paying the mortgage or part of the mortgage? I strongly urge you to get your own bankruptcy lawyer, since this is a very technical area of bankruptcy law. You need to find out if he intends to abandon his interest in the homes or intends to reaffirm the mortgage(s). Abandoning the property can cause problems if you cannot pay the mortgage on "your" home in Iowa. The real estate would be foreclosed on if there is a mortgage, unless you can make the payments on a joint mortgage or refinance in your name alone. You can also sell the house owned jointly, though you might need his agreement to sign the transfer documents or file a legal action in Iowa if that was where you were living when the separation took place or if venue lies in Iowa for other reasons. I said it was technical!
Can a flea market owner dispose of your property due to a dispute?
NO! They must take you to court unless you abandon your property. Then they still have to go through the courts! At least in Ohio.
How does bankruptcy affect timeshare ownership if the timeshare is co-owned by 2 people on the lease?
In theory, the trustee could sell your interest in the timeshare to any willing buyer. The trustee might even offer to sell your interest to the other co-owner. However, the trustee may determine that it isn't worth the hassle of selling and could abandon the property back to you.
What is the word in LAW for a person who enjoys a property when it was given by an owner to look after temporarly for sometime.?
I BELIEVE that you might be referring to someone who holds a LIFE ESTATE to the property (i.e.: they can live on the property for as long as they live, or until they abandon it, and/or upon their death it reverts to the property owner).
Make a Sentence with abandon?
Do not abandon your children. Do not abandon your dogs. Do not abandon me.
