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07-23-2009, 03:33 PM
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If I default on mortgage how much do I
keep? I live in NY. I've been making mortgage payments for several years and have built up a 40% equity stake in my house. The bank owns the other 60%. If I default on the mortgage and the bank forces the sale of the home how much do I get to keep? 40% or 0%?
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07-23-2009, 08:41 PM
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the logical answer would be that you got to keep whatever was left after they got what they are owed. If your house sells for 100,000 and you owe 60,000 then you should get 40,000 minus any fees assosiated with the sale of the property. in your case it would probably be better for you to try to sell the house instead of letting them have it and then they can sell it cheap and get their money. They dont care about your equity!! All the bank cares about is that they get their money
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