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We own a house in Enterprise but have moved to another state for lower cost of living. We're currently renting here and have rented out the house we own--but the rent covers less than half of the monthly mortgage payment. After studying the matter, we've discovered that we cannot deduct this loss until the day we sell the home. Because of current market conditions, the home is now worth only 1/3 of what we owe the bank; as such, it will probably take at least 5-10 years before it returns to what we owe. In conclusion--we are considering defaulting on the loan not only because of the loss in value, but because we are not investors and don't have the cash-flow to absorb this loss for the next 5-10 years. At this point in time, we can technically 'afford' to keep making the payment, but can see that this is quickly heading down a bad road, financially, since the time-horizon for selling the home will be very long. If we default, what are the chances that the bank will sue? What will the foreclosure process look like? We've never made a late payment on a single bill, so this is a huge consideration for us and not one lightly taken. Thanks for your answers.
If you allow the house to be foreclosed, the bank will then sell the home at auction and then sue you for the difference between that amount and your mortgage balance plus legal fees, etc. You would be better off listing it for sale, then when you get an offer, approach your bank and ask them to accept that amount as settlement. Results vary on this. Since you are current, they will probably say no until you prove that it's going under.
First, houses have not lost 2/3rds of their value, more like 1/3rd at most. Second, rentals are doing very well at the moment because so many people that used to own are now renting, so I am sorry that you are not doing well or you paid WAY too much for you place (sounds like at least 1/3rd too much even based on the inflated rates.) Now for the good news. Some companies are rewriting their paper for less, to be in line with current real estate appraisals of the property. You might want to look into this as a possibility. The bank would rather take a partial hit that the whole hit....and they will foreclose and they will hit your credit and might even come after you if you have other assets.
Even if the economy was ok or even good, your analogy that someone who loses their job and couldn't foresee that doesn't override the fact that they are in default. Also, if you stand by what you said, .... "Where I come from, you make a mess, you clean it up. "... Well, then, I guess the homeowner who has gotten himself in a bind, needs to find a way to get out of it. If that means foreclosing, selling or whatever, that's what has to be done. No one should have ever believed that real estate is a win win proposition 100% of the time. People were greedy too.