"Jonathan Kamens" wrote in message
...
(Jass) writes:
THey have told me their contract from the bank who has approved them
the loan has made the 3 year contract. If they do sell the house, they
will face a fine of couple of thousands.

In other words, their mortgage has an early prepayment penalty, a
relatively common thing, especially in cases where the buyer makes
little or no down-payment on the house.

In other words, it isn't true, as you asserted in your initial
posting, that they "can't sell the house for the next 3 years." They
would merely have to pay the prepayment penalty if they did so.

Guess what, this may be one of the (numerous) prices they will have to
pay for doing something stupid.

They moved to have a
better life, so for them to exaggerate the house condition is
ridiculous.

What does this mean? It makes no sense.

Now all the way is to give the house back.

They can't "give the house back."

Actually, they can. It's called a "Deed in Lieu of Foreclosure. We did one
and it's not had any ill effect on our credit rating.

An idea that I don't think anyone has suggested yet in this thread is
that they could simply walk away from the house, stop making their
mortgage payments,

Bad idea. Screws up your credit for years. Giving the house back to the
mortgage company with payments up to date is a much more respectful way of
doing this. And has less, if any effect on their credit rating.

Brigitte