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Q&A: What’s it called when you basically stop mortgage payments and give your house back to the bank?

on Feb 12, 2013 in FHA Information | 4 comments

Nevada program would buy underwater mortgages The proposed program would have the state create a $ 150 million nonprofit to buy up distressed mortgages en masse and refinance them. The newly appointed … Eighty percent of respondents said they had never heard of the Home Affordable Foreclosure … For more informaiton please visit here… Proposed Nevada program would buy 52000 underwater mortgages The proposed program would have the state create a $ 150 million nonprofit to buy up distressed mortgages en masse and refinance them. The newly appointed … Eighty percent of respondents said they had never heard of the Home Affordable Foreclosure … More informaiton please visit here… by Chris Devers Question by stargazer29us2006: Is there such a thing as home loans based on wages rather than your credit? Is there such a thing as home loans based on wages rather than your credit? I don’t have good credit because of some old bills. I’m paying them off. My rent is never late. I make around $ 40, seek 000+ a year (depending on overtime). Where can I go for this type of loan? Best answer: Answer by Dixie Darlin’Nowhere, there is no such loan. Loan approvals are based on a variety of information like, they will review your finances, such as income, job history, credit history and other credit factors. Add your own answer in the comments! by StockMonkeys.com Question by Rose Arizona: What’s it called when you basically stop mortgage payments and give your house back to the bank? We have a mortgage, information pills loaned from the bank, information pills and we’re considering just giving it back, malady because we can no longer make the payments. What’s the official term for that? I guess I know it’s called foreclosure, but I thought that was only if it was initiated by the bank, and not the loanee. Best answer: Answer by charlieForeclosure If you can try to keep making payments or sell your house it would be best. Otherwise it’s going to ruin your credit. If you the borrower initiate then it is called deed in lieu of foreclosure. You still get a hit on your credit but it’s not as bad as a foreclosure. Keep in mind you might still have to pay deed tax on thecanceled debt which is considered as income. The tax is calculated on the basis of unpaid balance. What do you think? Answer below! Q&A: What's it called when you basically stop mortgage payments and give your house back to the...

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