Posted on: 26th Mar, 2011 07:28 pm
We bought a condo a few years ago when the market was at high. Now all of the condos in our neighborhood are being foreclosed on and/or being sold for half of what our mortgage is.
With the condo dues we're putting more than half our income on our housing. Not only has it become a major financial burden, our neighborhood has become crime ridden and the schools have gone seriously downhill. With 3 young children, we need to get out.
We are current on our mortgage with Greentree. I have read that in Maryland, they could sue us for the deficiency if we go into foreclosure. Not sure if that is really an option since there's no way we could come up with $50k+ to pay them.
What are our options to get out?
Thanks.
With the condo dues we're putting more than half our income on our housing. Not only has it become a major financial burden, our neighborhood has become crime ridden and the schools have gone seriously downhill. With 3 young children, we need to get out.
We are current on our mortgage with Greentree. I have read that in Maryland, they could sue us for the deficiency if we go into foreclosure. Not sure if that is really an option since there's no way we could come up with $50k+ to pay them.
What are our options to get out?
Thanks.
hi guest,
you can go for a deed in lieu of foreclosure if you want to get rid of your property. however, in such a situation, you may have to go delinquent on your payments. unless you're delinquent, the lender won't be ready to accept your request for a deed in lieu of foreclosure.
thanks
you can go for a deed in lieu of foreclosure if you want to get rid of your property. however, in such a situation, you may have to go delinquent on your payments. unless you're delinquent, the lender won't be ready to accept your request for a deed in lieu of foreclosure.
thanks