Do we just walk away from both mortgages?
August 19th, 2015 by Questions
I have two homes in Saskatchewan one we were in the process of building to live in and we were going to sell the other. We had a mortgage on the first and the second one we had a loan to build based on the value of the one we lived in. Unfortunately, personal circumstances required us to leave the country and we had rented the one we lived in and tried to sell the one under construction. Our renters are moving out and we cannot afford to pay the bills without them. We are behind in the house that is being built and haven’t found a buyer, and the other one isn’t selling.
My question. We no longer live in Canada, with no plans to return. Do we just walk away from both mortgages? At this point, we wouldn’t make any profit if we sold anyway.
Do we then let them foreclose and try to sell and claim bankruptcy on the shortfall?
If we no longer live there what can happen if I just tell the bank to take the houses? Or should I not tell them and just wait till they no longer receive payments and do it themselves?
What else can u tell me?