If me and my partner let the bank reposses our home will we get a mortgage in the future?

We really dont like were it is located and cant get it sold or rented to anyone.If me and my partner let the bank reposses our home will we get a mortgage in the future?
Hello,





(ANS) No.1 I think the problem with this kind of situation is that if the property is repossessed then there are only a limited number of options left open to you:-





a) The bank takes back the house as its security against the original mortgage loan, %26amp; thus will try and sell the house on the property market to recover its losses as best it can.





b) you yourselves try %26amp; sell the property %26amp; repay the mortgage after the completion of sale. But either way this leaves you without a house to live in? So this solves one problem i.e. the outstanding loan value but leaves you with another i.e. were to live? neither is ideal to be honest, its a case of which will cause the least pain?





**Really its a question of control and who conducts the sale and the recovery of the funds.





No.2 The loss of or repossession of a house will adversely affect (i.e. damage) your credit rating %26amp; credit history. My advise would be that you should contact either Experien one of the UK's x4 credit reference agencies, or you could contact the CCCS (consumer credit counselling service) http://www.cccs.co.uk or also you could contact CAB as they are extremely knowledgeable about financial matters %26amp; the law related to this kind of case. Oh! CCCS is a free national charity to help people who find themselves in financial difficulty.





**If you at some point in the future both found yourselves back in employment then it would be a case of trying to rebuild your credit worthiness and there is no reason I can see why you couldn't get another mortgage in future provided your circumstances changed %26amp; your credit rating was healed.





Kind Regards IvanIf me and my partner let the bank reposses our home will we get a mortgage in the future?
yes but that depends on what action the lender can take on you in your state. Now if they sue and get a judgment on the balance after they sell it you will pay that off and must be 3 years past the foreclosure with today's rules and you can buy FHA. 4 years conforming. They will also issue a 1099 on that the IRS will get their money. Foreclosure is the worst thing you can do. A short sale or a deed in lieu would be better than that
If the bank can't sell at a reasonable price either they will just sell it for what they can get and you will still be liable for the difference and your credit rating will be zero for about the next 20 years, cut down all your overheads and pay your debts and other commitments.
I seriously doubt it and you will still be saddled with the debt. Handing back keys to the bank does not cancel out the loan...have you considered selling the property at auction. It might be the best way out of a bad situation like yours.
I very much doubt, becasue they could think that if you couldn't afford the mortgage on the old one who's to say you can afford the next one.
MOST LIKELY NOT GET A JOB WHY DO YOU HAVE INTERNET WHEN YOU ARE LOSING YOUR HOUSE. A HOUSE IS THE AMERICAN DREAM NOT THE INTERNET SO GET A JOB OR TWO.