Not Going To Pay My House payment????

Question

If i stop paying my house payment since i have moved to a new state and can not sell my old house what will happen? can they get in to my IRA and take the money? will i be able to buy a new house here where i am now? any help would be nice

Update:

tryed all i could i can pay 2500 a month so i am at a loss and it still have like 289000 on the loan

Answer 1

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If you have a job at your new location, you should get qualified to buy a new home FIRST, then let your old house go. You will need your assets to help you qualify, so only take that $ out to keep the mortgage current (you NEED it to be current.)

If you let your old house go, you will not be able to get good financing for 3 - 5 years (FHA, FNMA guidelines).

Best of luck!

Source(s): Mortgage professional.

Answer 2

Your house will go into foreclosure if you do not pay your house payment. You can contact an attorney and see if you qualify for a "buy back" where the mortgage company basically buys back your house after you have tried to sell it and cannot. This doesn't look quite as bad on your credit. However, if your house goes into foreclosure and the mortgage company sells it for less than you owe (they will auction it off) you will be responsible for the remaining portion of the loan. To the best of my knowledge the only way to avoid paying this is to file bankruptcy.

Answer 3

There's no way you will be able to buy a new house. Your old house will go into foreclosure, you may have judgments put against you if the house doesn't eventually sell for what you owe. And you'll have a ruined credit rating, so don't plan on getting a loan for anything, like a new car.

Answer 4

They can't take your IRA, but they can claim assets, including bank accounts. They can also garnish your wages until they have recovered the money they gave you.

And no, no one will lend you money to buy another house, they are not that stupid.

Another 7-10 years after the accounts are paid and closed you can try again.

Answer 5

Have you tried the we buy houses people. Maybe you need to modify your asking price. If you have already purchased a new home and don't plan on moving for 7 to 10 years walk away.

Answer 6

you liability depends if the loan was recourse or non recourse but in general you will not be able any time in the future get a loan for a house

Answer 7

They will foreclose, obviously. Your credit will be shot. Did you even try to sell it or ask for a loan modification? Or did you just run away?