If you've got a house that's mortgaged & no way to pay it back, will the bank just take it over &, if they do, will they sell it for the mortgage due?

[FunkyMonkee]

Or sell it for what it's actually worth?

[Dongie]

What's due is the target. If they get more it's supposed to go to you. At least this is what I was told about my one and only car repo.

Perhaps before this happens speak with your banker and do your sale wither getting their money off the top.

[FunkyMonkee]

I'm being told the house is going to be sold in about 2 months and I'll end up getting almost all of the money that's left after the bank gets their cut.

[Dongie]

Yep. You could probably get more through a realtor if the bank will let you.

When they took my car last October 3rd. I owed 8,400. The new, out of crate engine cost $8,500 and was in the shop with new break pads, rear calipers, and disc's at a cheating price of 1,100. For 2 payments I could keep the car. I had the 2 payments but the shop was going to charge 20 bucks a day storage. It would have continued on. Rock and a hard place. They auctioned it for 3k and expect me to pay 5k after a loss of nearly $14,000 already. The damn engine had almost 4k on it. I was getting the oil changed the day their employee hit me. I prolly told you this before tho.

[Caroline91]

Funky, be very careful here. You will basically get nothing from either a band foreclosure or doing a short sale, which allows you to negotiate with the bank to sell the house for less than the mortgage you own on it and walk away without owing anything. Either way, you get NO money from the transaction. It might be best to just get it listed with a realtor immediately and sell it for market value. Then you can pay off the mortgage and you get the difference. Get to a good, reputable realtor right away and discuss options. is what I recommend.

[Caroline91]

*bank not band

[FunkyMonkee]

@Caroline91 Well, first, there's still the legal matter of who GETS the house, or at least the bulk of it. So far, that's me. The only thing stopping me from getting all of it are my 3 greedy ex-cousins and/or not being able to find my aunt's Will saying she left the house to me. We're waiting for the judge to make a decision. Then, I have to move out SOMEWHERE and the house sells and I get most of the money. Those other 3 assholes get the rest but, as far as I know, they also have to put up their share of the mortgage! That means, they each get about $5700 (according to what I'm seeing) and they'll each have to put up about $1000 of that for the mortgage so, each of them is only walking away with a little over $4000 after all this horseshit, not to mention their legal fees, which is probably gonna eat up a lot more than what they're getting.

[Caroline91]

@FunkyMonkee I remember your telling me this, but, everyone's share of $0 is still $0. What I didn't understand was HOW the house will sell. If it is sold through the bank or at a short sale, you will all get $0. You're just saying "the house sells" but not HOW it sells. Then, your question here is about if the bank will take it over which, indicates to me that the. bank would be the one selling it or allowing the owner, whoever the judge decides that is, to do the short sale. Either of those two scenarios means no money for any of you guys. If the bank does take over, none of you will owe anything on the mortgage, so that whole calculation is a moot point anyway, but neither will any of you get any money at all out of the sale. You need legal advice on HOW to sell the house so you do get some money from the sale.

[FunkyMonkee]

@Caroline91 Yeah but, that's IF the bank takes the house before it's sold and I have lawyers working on seeing to it they don't.
Nobody's told me yet but, my lawyer was telling me that it's going on Zillow for over $165,000 but, I looked it up a few hours ago and it's actually going for $249,300!!. I e-mailed him right after that to explain to me where he got his numbers that he told me last week.
Well, I was asking it as a, "what if...", not as a factual thing.
From what my lawyer says, I'll at least be getting over $35,000 from the sale of the house. Again, I don't understand how he got that number because, the way I figured it (mostly his way) using this new amount as a base, I stand to get well over $200 grand AFTER the bank and cousins get their cuts.

[Caroline91]

@FunkyMonkee Okay, good!

[exitseven]

The banks will try to set up a payment plan so that they do not have to foreclose. Banks do not want to be in the real estate business. If there is no other recourse they most likely will auction off the house for what they can get for it.

[exitseven]

Thanks for the MHO😎

[Caroline91]

They will not use their time or resources to get market value bc their only concern is recouping their share as quickly as possible. Talk to a reputable realtor before you get to the point of the bank taking it over.

[dustybiker2]

Isn't it like a repossession? If they can't sell it for at least what was due they can sue you for the rest, no?

[FunkyMonkee]

I really couldn't tell you.

[dustybiker2]

Well then that makes this an excellent question. Haha

[FunkyMonkee]

That's why I asked it.

[dustybiker2]

You need a real estate lawyer.

[FunkyMonkee]

I suppose but, so far, both lawyers seem to know what they're talking about. Neither one has said they AREN'T a real estate lawyer. From past experience (4 years ago) if they don't know how to deal with this stuff, they'll tell you you need to talk to a RE lawyer.

[Jennz6]

@FunkyMonkee how can you afford a lawyer?

[FunkyMonkee]

@Jennz6 I can't. Because of some local place that offers free legal services (and they HAVE to take at least one pro bono case a year), I'm getting it for free... as far as I know.

[Likes2drive]

It takes awhile before they actually take possession but eventually they will sell it to get their money back but I don’t think they will give you what’s left, it’s usually better to do a reverse mortgage so you can stay in and get the equity to use instead, definitely should consult with the bank

[FunkyMonkee]

I don't know that I can. My stupid aunt mortgaged the house and the car 3 months before she died so she could give MORE money to the scammers that already took her for over $11,000,000!! So, the bank wants to talk to HER, NOT me. Had they let ME pay the bill, I'd have had it cleared up, by now!! Or, at least, within the next 2 months.

[Likes2drive]

Wow they took that much from her? Not sure what you can do unless you have some equity left in the house but it’s possible with the way home prices are

[FunkyMonkee]

It took them a decade or so but, yeah, the took her for every penny she had and then some! Since she died, I've been getting loan statements from 11 different banks that want their 10 or 11 grand back!!
EVERYBODY TOLD HER it's a scam but, she REFUSED to listen!!
I'm brand new to this real estate stuff, I have no clue what equity is.

[Likes2drive]

It’s what’s left over after the mortgage is payed off from the sale of the house or value of it at the time, that’s how people borrow money from their home depending on how much equity is in their home since the value of home keeps going up and as you pay down the mortgage the more you have left over

[FunkyMonkee]

i see! Thanks!

[RetroReviews]

I had this happen to me in 2015 they did a foreclosure and the house was sold at a sheriff sale

[FunkyMonkee]

They already went the Sheriff sale route in Dec.. My lawyers were able to block that for a while.

[RetroReviews]

Yeah I filed bankruptcy in that postpones the sheriff sale bought me about 6 months I think. But yeah 2015 was a bad year for me I lost my house filed bankruptcy and got divorced bad year

[FunkyMonkee]

I'll ask my lawyer if that's a good idea.

[Anonymous]

As far as I know they take it over to extract maximum value entirely for themselves and you get nothing

That's why I'd only buy property free and clear

[Jennz6]

I’m not sure. You can’t pay your mortgage?

[FunkyMonkee]

At the moment, I CAN pay about half of it. As long as they don't want lump sum, I can make payments. I was ready to pay them in full at least 2 years ago when they started sending the bills but, they refused to take MY money! Had they let me back then, they'd have been completely paid off by now (or at least in about 3 months).

[jahaims]

57...

[FunkyMonkee]

Heinz?