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    tmshelp's Avatar
    tmshelp Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 5, 2010, 06:36 AM
    Cant sell our land and can't afford the payment
    My husband bought some land 4 years ago before he met me and planned to build a house. The land is about 3 hours north of where we live now. We got married and bought a house about a year ago. The land is for sale but we have not had one offer. We tried selling it on our own and now have a realator who doesn't seem to try to hard to advertise it. If we just let the bank take it, what would happen? Can they take our house or anything we own (cars, etc)?
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Nov 5, 2010, 07:13 AM

    The bank will eventually take the land if you fail to pay and they foreclose. They will turn around and sell it, probably real cheap and hold you for any remainingbalance. What did he put down as collateral for the original loan?
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