Can somebody tell me the way to let go my house whitout get hurt?

Question

hi Im desapointed because of the house values, I own more then the value of my house, and I dont want to waist more money like that, what can I do, I just want to walk out whitout debt.

Answer 1

If you can afford to keep making the payments, do so.  

Just considers it "rent."

Answer 2

There are companies that will pay you FAST for your home,, provided that your house is not in an area where houses around yours are run down, and you don't have all kinds of liens against your mortgage.

This sort of situation can be like a financial parachute for you.

Let me know if your interested in knowing more [e-mail]

Answer 3

Not much.  If you can afford to keep making the payments, then hang tough becasue values will always rise back up.

If you can't, then check into a short sale.  I'ts better than a foreclosure if you can get the lender to accept it.

Answer 4

If your house is now worth less than your mortgage on it.  Then letting go of your house will hurt either you or the bank.  Somebody has to loose money on it.  

If your bank ends up taking a loss on your house.  Then your bank will do its best to hurt you in terms of your credit score.  Which may be okay if you don't plan to borrow any more money in the future.

But if you really care about your credit score.  Then you can sell your house at its current price and pay the rest to the bank from your savings and/or income.

Of course, you can wait and hope that house prices will go back up.  But there is no guarantee of that.  Most people don't earn enough money to pay for current house prices.  And the banks aren't in any shape to lend recklessly any more.

Many people now simply don't have the money to buy houses at current prices.  And that's why the house prices keep going down.

Answer 5

sell it to the insurance company.