Posted on: 28th Apr, 2009 03:56 pm
back in 2005 i put nearly 60000 down on my condo.
now i cannot make anymore payments because i lost my job.
they refused a modification because i have no income. i am a
few month behind with hoa and mortgage.
i know i will never see my down payment again since my building
is 75% delinquent. can i do a deed in lieu of foreclosure?
or will they not approve that because of my buildings delinquency?
now i cannot make anymore payments because i lost my job.
they refused a modification because i have no income. i am a
few month behind with hoa and mortgage.
i know i will never see my down payment again since my building
is 75% delinquent. can i do a deed in lieu of foreclosure?
or will they not approve that because of my buildings delinquency?
Call the bank and they may do a lieu on deed. But they may ask you to pay the building delinquencies.
This may help you to understnd the process.
Posted: 27 Apr 2009 07:14 pm Post subject:
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This may help you to understnd the process.
Posted: 27 Apr 2009 07:14 pm Post subject:
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And i also owe only one mortgage not two.
HOA and mortgage are behind 2-3 month. Proptax was paid for 2008.
At 60000 down in 2005 my mortgage is lower than others, do i have a
better chance of deed in lieu?
HOA and mortgage are behind 2-3 month. Proptax was paid for 2008.
At 60000 down in 2005 my mortgage is lower than others, do i have a
better chance of deed in lieu?
How much did you pay for the house and do you have equity in the house.
Do you have any chance of selling it? or
Can you rent it to cover your mortgage?
Can you short sell?
All this will be determinign factors
Do you have any chance of selling it? or
Can you rent it to cover your mortgage?
Can you short sell?
All this will be determinign factors
Tried all of the above. Can't sell, shortsales are not moving in my building.
Renters are not welcome if we are behind with hoa. I put 60000 down at
closing in 2005. I paid 178000 for the condo minus the 60000. I cannot
sell it because there are 107 plus foreclosures in the building, nobody wants
to buy here. Can i do a deed in lieu of foreclosure? My only options
besides foreclosure?
Renters are not welcome if we are behind with hoa. I put 60000 down at
closing in 2005. I paid 178000 for the condo minus the 60000. I cannot
sell it because there are 107 plus foreclosures in the building, nobody wants
to buy here. Can i do a deed in lieu of foreclosure? My only options
besides foreclosure?
Probably you are in a better situation than other people to go with Deed in lieu. Since you have 60000 in down payment, bank ma be willing to cut thier losses and forgive your difference.