When you are facing foreclosure, it can be tempting to just give up and walk away from the house. If I were to walk away from the house in his name, what would occur to me, my credit, and so on. So, for example, if she owes $100k and the house is worth $90k but sells at auction for $60k, the bank can only get a $10k deficiency judgment since that is the difference amongst the FMV of the home they got and what was owed. In fact, according to (incidentally a wonderful source for any of you searching for more data) two out of each five tiny house owners are over the age of fifty.
A brief sale is achievable if you can come across a buyer AND get the bank to go along with it. Short sales are generally complicated to pull off, but not impossible. Even so, several mortgage businesses are really tough to perform with and acquiring them to do a quick sale is like pulling teeth. If the house sells for significantly less than the fair industry worth, you can use that as a defense in court, but you will almost certainly need an appraisal … READ MORE