I bought a home 1 year ago and put $80,000 as downpayment.?

Question

Now I find myself not being able to afford this house due to my husband loosing his job. Will I be able to get some of my downpayment back if I foreclose on the house or will I loose it all/

Answer 1

Not the way it works, your down payment was made in order to secure the loan

Answer 2

Here are some info sites to check out.  Good luck.

http://hotjobs.yahoo.com/

http://www.monster.com/

http://www.4closuretips.com/index.html

http://www.hud.gov/foreclosure/index.cfm

http://blog.foreclosure.com/2008/04/ways...

http://rismedia.com/wp/2008-03-03/top-10...

Answer 3

Foreclosure = Loose everything.

Try to sell the house, the equity you have in it is in your favor to get a new place.

Answer 4

If the bank forecloses, and they sell it for less than what you owe, they'll send you a 1099 for the difference.  You get to pay income tax on it.

If the bank sells it for more than is owed, they keep it.

So you loose either way.  Try and sell it before they foreclose.