Technically you are breaking your mortgage if you are selling your home unless you are porting this mortgage to another property. You will have to pay the penalties involved in breaking the mortgage unless specified by the lender on your mortgage documents. Banks in most cases do not waive penalties.

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Considering that interest is just as much, if not more than the mortgage itself, it's like paying 2 mortgages. the house has to double in value for a person to break even.

You're forgetting that interest is often tax-deductible. If you can take advantage of that, you aren't paying as much. And yes, some houses can double or triple in value in a relatively short amount of time. It all depends on where you buy.

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Will this involve more closing costs? please break it down for me. thanks

If you're looking at selling your current house and moving into a new one you are going to incur all the costs that come with buying and selling a house which are: 1. Closing costs on new house 2. Mortgage costs (points, etc.) on new house 3. Realtor's fees for old house Of course this means that you need to go through another approval process for the loan on the second house. They also might make the loan contingent on you selling the first house.

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I got divorced and am having a hard time trying to sell my house, in the meantime the mortgage payments are breaking my back and i can forsee that in a short while i will not be able to afford it. if i make arrangements with my mortage broker to take back my home, will that do irrepairable damage to my credit in the future?

I work for a mortgage firm in the Loss Mitiagtion department. I talk to people evryday about foreclosure alternatives. Have you tried to work out a forebearance pan with the mortgage firm? Simply put, try to come up with some down payment & a feasible repayment plan. This will bring you back current in time. You can also look at a "short sale" option if you have an offer les than full mortgage payoff. Lastly, depending on where in the foreclosure process you are try deeding it back to the lender.Good Luck

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57,000 because of foundation failure. we lived there 22 years,i had bad wreck cant work ever again,so we sold house for 60,000 will we have to count difference on our irs? i draw disability and i have know one to ask we cant afford 100,000 as income we are broke please help

You likely won't have to pay taxes on it. The IRS speaks directly to that issue here, the debt is forgiven: http://www.irs.gov/newsroom/article/0,,id=174034,00.html http://www.thhf.org/blog/2008/10/mortgage-forgiveness-debt-relief-act/

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The senate and the house are getting ready to pass a bill granting millions of illegal immigrants amnesty? what in the world happened to domestic issues? last time i checked, the economy was in bad shape, millions of people are unemployed, homelessnes is out of control, crime is out of control and millions of families are starving and they want to make a bunch of law breaking mexicans american citizens? sure...so they can suck off of welfare benefits, apply for medicaid (at the taxpayers expense) and then turn around and get approved for a $200,000 mortgage while you have to come up with a down payment at least 20 percent of that??? have you seen some of the cars and homes that these people have???? this is insane and i've had enough of it, how bout you?

Of couse they are....they're should be a one 4 year limit on all terms of both the house and congress . Corruption has reached all levels of politics and is so rampent that the act(s) are accepted as an everyday normal "this is how things work" mentality. ABOLISH ALL LOBBIESTS, limit terms, and severely punish all violators of the law.

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My landlord (also my uncle) rented our house a year ago with a 5 year lease. he has not kept up with the mortgage and might face foreclosure. he came today and notified us that he will be selling the house and took pictures and wants copies of the keys for buyers to see the house. can he do this? is he breaking the lease? what can i do?

Yes, he can do that. You can hope he sells it to an investor and not a person wanting to live in the house . If he sells it to an investor, you have the ability to carry on with the lease with the new owner. If he sells to someone who wants to live in the place, you will have to move.

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I put 50k equity into the house before the mortgage and she put 20k equity, we did not sign any agreement as recommended by our solicitor that if we split and the house would be sold that we would get this back. a friend has told me that because we did not sign any agreement prior to to purchasing the house that whatever equity that is in the property could by law be split 50-50. is this the case and if so how does it work, is there any way to appeal? right now the split is fairly amicable but i am worried she could use this as leverage in the future. i put 50k equity into the house before the mortgage and she put 20k equity, we did not sign any agreement as recommended by our solicitor that if we split and the house would be sold that we would get this back. a friend has told me that because we did not sign any agreement prior to to purchasing the house that whatever equity that is in the property could by law be split 50-50. is this the case and if so how does it work, is there any way to appeal? right now the split is fairly amicable but i am worried she could use this as leverage in the future. i believe we are down as joint tenants on the deeds.

if its fairly amicable then give her what she put in and you what you put in but split whatever the profit the house has made equally.

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I split up with my partner after 9.5 years together. we broke up in feb 2008 after living in our new house for 2 years. we are tied into the mortgage deal until july 2009, so we agreed to hold onto the house until we could sell at the end of the mortgage deal. we tried living together at first in separate bedrooms, then i moved in with my mum. in feb of this year, i attempted to move back in so i could get the house up together for selling or renting out. my ex has a drink problem and 2 weekends in a row, smashed up the dining room, and then subjected me to a violent physical assault. the police have advised me not to move back there. my ex is ignorning all texts and calls to my request to meet up on neutral ground to discuss selling the house. meanwhile i am back at mum's, still paying all the mortgage and he is living there just sporadically paying bills when he feels like it and inviting his new girlfriend to stay when ever he wants. i feel pretty powerless - i feel i can't set foot in the house, yet want to be able to start the ball rolling to get the selling process in action. has anyone been in a similar situation? what should my first step be? what are my legal rights? please help. thanks

If you do not live in the house you are not responsible for the bills, only half the mortgage. I suggest you seek advice of a solicitor about selling the house.

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I will try and sum this up as best as i can. i've rented the house i live in for 3 years now. no lease or contract of any kind was established (i moved in with the landlords' daughter who is my friend and within a couple of months backed out and moved back home to her parents' house). one day an investor knocked on my door inquiring about buying the house. he informed me that he'd seen it for the 2nd time in a row on the foreclosure listing and wanted to know if it was up for sale prior to it foreclosing. what!?! that weekend (on saturday) i look it up online and sure enough...2nd time in a row and it was scheduled to go to auction on that following tuesday! i call my dad and since it was pretty much going up for auction for 5-10k of what was owed on the note still (less than half of the worth of the house), he was interested in buying. i told him i'd speak to landlord and see what was going on. well, sure enough landlord calls me to collect rent for that month and i tell her my findings. she made excuses, and i told her abuot my dad's interest in purchasing and she agreed immediately. she didn't want it to go bad on her credit and said we could just pay it off and that was fine with her. she was to lose the house in 2 days! so, come monday, chaos. we're trying to get it out of foreclosure and they asked for a chunk of change to reinstate it. the landlord didn't have the $ to pay so she calls me and then i talk to my dad and we agreed that if that was the only way to do it, then my dad would put up the amount they were asking with the agreement that she would turn around and sell the house to us once she was back in good standing and house was saved from being sold in auction. we succeeded at reinstatement and she signed a promissory note, which i notarized (i'm a notary). the promissory note states that they (her and hubby) were in agreement that the money we had just sent to her mortgage company was pretty much our "deposit" on the house. states that in the event that reinstatement did not occur or anything else prevented sale of the house to my dad, she'd be obligated to pay the entire amount back to my dad. the note talks about her agreement to sell the house for what was owed on the mortage w/out any further fees to be assessed or expected-besides closing costs, which my dad would be responsible for. my dad hires a title company to do all the paperwork and they established the first set where the owners give consent to proceed with the paperwork and contacting their mortgage company in an effort to pay off their loan and transfer title, etc. so far so good...until it was time to sign away the house-they stalled. this is as of last week. turns out her husbands didn't know anything. by that i mean, he didn't know the house was in danger to be lost much less knew about the sale of the house or anything until the very end. she didn't tell him either! we found out after seeing the pay-off quote to her mortgage that she had failed to pay a single payment for 8 months. then she lied saying her mortage was $300 more than what i was paying in rent so she couldn't afford it....turns out her mortgage is like $8 less than what i was giving her..sure she wasn't making any profit, but she had the mortgage payment every month. anyway, title company called them to tell them to come in and sign and then she turns around calls me and tells me that they were going to need $5k at signing or her husband wasn't willing to sign. i asked her to tell her husband to contact my dad so that they could discuss that. she said she would have him call...but she didn't...she ended up calling my dad herself telling him the same thing she told me. greed! how dare she! now, my question (yes, i'm getting to it)...isn't she breaking the agreement to my dad by asking for more $ when the whole purpose of that contract was for her to not pull this kind of crap? if her husband is the one who refused to sign, why didn't she who the day and time she told the title company she would? i mean, if he doesn't sign and the deal doesn't follow through, then she loses out on the $ she thinks she's getting, will lose the house b/c apparently they can't keep up with the payments and still owe my dad $7500! if my dad agrees to her demand just to get it over with (which is what he plans to do), when she accept that money, isn't she breaking her initial agreement legally binding her to do as she said? wouldn't my dad then have the grounds to turn around and say, you owe me back the money that i put up front since you didn't keep your agreement to me??? feedback please! sorry so long! i knew i forgot something-i'm in texas. yes, i know that it was a very risky thing to do this and that we are not realtory, investors, lawyers, a mortgage company or any other profession that would have allowed us the knowledge to know exactly what we needed to do and what steps to do it with, but keep in mind that i state we had 8 hours in which to work with or they would've lost the house if we'd taken any longer. actually, we didn't get the money wired until literally, the last minute (might've been a few minutes past the deadline the mortgage company gave us in which to wire the $ to them).

This is a really good example of why you should not try to buy a house with a pending foreclosure without a lawyer. There are ways to protect yourself in this situation, but you haven't used any of them. Your dad needs to get a lawyer right now, before taking the next step and making your situation worse. It's apparent that neither one of you knows what you are doing. edit: OK, I accept that you were pressed for time, but there is an old and very true saying in the real estate business. You can afford to pass up a good deal, but you can't afford to make a bad one.

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My house is worth 210k. i owe 230k on a 1st mortgage and 50k on a 2nd. i plan to retire and sell the home in 7-10 years but it looks like i have little chance of breaking even. what is my best option?

In order for your second mortgagee to foreclose they will have to payoff the first mortgage . That would mean they would have $280K invested in the property. Do you think they are willing to invest another $230k to protect their $50k? realtor.sailor