Has anyone ever done a voluntary surrender on a house mortgage and if so what was the outcome??
Answers:
It went on my credit as a foreclosure and I was responsible for paying the difference between what was owed on the house and what it sold for at auction. The difference in my situation was only a few thousand dollars.
Because it was a VA guaranteed loan it never showed up as an unpaid debt and came off my credit in about 7 years.
Jude, jude, Hey jude...it's you again?
I told you to be careful with your spending ways. You wouldn't listen. Now look..what a fine mess you got yourselves into? tch..tch..
Ok, tell the bank to put your house up on auction and you pick up the difference. It won't be so bad.
It is not the end of the world, so cheer up..
After the house is sold, just go on a nice vacation for two weeks and forget all the worries. Just add the vacation expense to your credit and you set yourself for pay back within the next , say, 10 years.
Now, do you hear? Don't ever do this kind of spending again. EVER. Got it?
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I think you need to go to the citizens advice and check all the legalities of it. You don't want any legal come backs in years to come.
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