I have lost my job and have around 250.000$ in savings, but I have a bank loan worth around 300.000$. I also have a house worth around 450.000$. Is there any way I could sell my house, take the money and run?
Your facts are a bit vague. Do you own two homes...one of which you cannot afford payments on? If this is the case, then depending on the fair market value of the home, in comparison to the mortgage balance, you can sell the home, pay off the, loan and avoid any creditor entanglements from the custodian of the now paid off loan. If the fair market value is below the mortgage balance (upside scenario), you can try and attempt to short sell the property. Notwithstanding, given your income level and the fact that you own a second home, the "hardship" criteria may or may not be met. If this is the case, you may end up having to bring money to the closing table so as to pay off the residual balance of the existing loan. Another attempt at resolution can be to try and modify the existing terms of the loan you are having difficulty in paying.....whereby you can lower the interest rate and or monthly payment to be more conducive with a payment that you can afford. Consult a real estate attorney and mortgage broker to seek definitive guidance and receive an informed decision based on all of the facts. Good luck to you.
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There is an insufficient factual basis to answer your questions and address your concerns. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced WA mortgage foreclosure defense attorney. Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck.THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
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You can sell the house for as long as you have title to it - if that's what you mean by "take the money and run"...
Good luck with your case!
Jonathan D. Warner, Esq. is an attorney and licensed to practice in the State of New York. This answer is provided for informational and/or entertainment purposes only. It should not be relied upon as legal advice, which can only be offered to clients in an office consultation setting, after all of the facts and circumstances of a case or controversy can be fully considered and reviewed. No attorney-client relationship should be inferred by virtue of any answers posted. We are a debt relief agency and help people file for bankruptcy.
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