Posted on: 27th May, 2009 05:55 am
this is long winded. sorry.
the condo is worth 35% less than what is owed with first mortgage and second mortgage. i have no money to do any fix-ups to sell it. the city will not fix the sinking main road near me, after the water/sewage pipe burst, so whenever anyone drives by on the busted road, the whole condo shakes, waking me up throughout the night. people have moved out and decided to rent their condos, since they could not sell them anywhere near what they owed, bringing down the value of the condos even more. lendersrealtors hate areas with high rental rates. i think every car there now leaks pools of oil in the parking lot. i do not have any money to do a short sale with a realtor, and i don't think the mortgage company would take anything less than 80% of the total of the main and second mortgage, and it will not in a million years sell close to that. i don't think i could get anyone to rent at what i owe monthly. i think i was the last person in this complex to purchase a condo, when home prices were at an all time high. everyone else there purchased their homes for 15,000 less than i did, 3-5 years before that. this was the cheapest home i could find within 20 miles of my job at the time. it seems most people that post on here are mortgage company employees, and try to persuade people not to foreclose. other than credit, why would i not foreclose? shame? embarrassment?
the condo is worth 35% less than what is owed with first mortgage and second mortgage. i have no money to do any fix-ups to sell it. the city will not fix the sinking main road near me, after the water/sewage pipe burst, so whenever anyone drives by on the busted road, the whole condo shakes, waking me up throughout the night. people have moved out and decided to rent their condos, since they could not sell them anywhere near what they owed, bringing down the value of the condos even more. lendersrealtors hate areas with high rental rates. i think every car there now leaks pools of oil in the parking lot. i do not have any money to do a short sale with a realtor, and i don't think the mortgage company would take anything less than 80% of the total of the main and second mortgage, and it will not in a million years sell close to that. i don't think i could get anyone to rent at what i owe monthly. i think i was the last person in this complex to purchase a condo, when home prices were at an all time high. everyone else there purchased their homes for 15,000 less than i did, 3-5 years before that. this was the cheapest home i could find within 20 miles of my job at the time. it seems most people that post on here are mortgage company employees, and try to persuade people not to foreclose. other than credit, why would i not foreclose? shame? embarrassment?
Hi Guest,
A foreclosure leaves a bad mark on your credit report. Apart from this, you will also become liable to pay off the deficient amount resulting from the sale of the property. However, depending upon the state laws, this can be forgiven. In case, you apply for a deed in lieu of foreclosure, you will not be liable for the deficient amount.
Thanks
A foreclosure leaves a bad mark on your credit report. Apart from this, you will also become liable to pay off the deficient amount resulting from the sale of the property. However, depending upon the state laws, this can be forgiven. In case, you apply for a deed in lieu of foreclosure, you will not be liable for the deficient amount.
Thanks