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    mypamperedpets's Avatar
    mypamperedpets Posts: 2, Reputation: 1
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    #1

    Nov 21, 2009, 06:39 PM
    Foreclosure or letting the bank take it back?
    Please let me know whether I should let the bank take my house or foreclose. I have been in a serious car accident and am unemployed and own a rental house, but living with family. I am a student to retrain myself in something I can do different now, so I can't make the payments any longer. Help! I don't care about my credit at this point. Which is better?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 21, 2009, 06:48 PM

    If you are renting the house out, why can't you make the payments?? The rent should be paying the payment?

    But first foreclosure is the bank taking it back. Normally the bank will not just take the deed instead of foreclosure, but you can ask them. It is much better since they are taking the deed to settle the debt. Assuming you don't have a second mortgage that is a option, but only if the bank will agree, and to be honest I doubt they will but you can try
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Nov 21, 2009, 06:49 PM

    Neither. Try to sell. Maybe the renters would be willing to buy it. See if the bank will accept a short sale. Banks don' kike to take back properties. So they will probably want to go the foreclosure route.
    mypamperedpets's Avatar
    mypamperedpets Posts: 2, Reputation: 1
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    #4

    Nov 21, 2009, 07:26 PM
    Important info left out
    I forgot to mention that the renters are moving out soon, and the rent is 750.00, and the mortgage is 832.00 per month. Which is better, calling the bank and letting them take it, or foreclosure?
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