Posted on: 07th Oct, 2010 09:11 pm
I'm in the process of selling my condo in Oregon - I paid $460,000 and owe $164,000. asking $419,000. I'm also selling my parents home (half of the equity - is sister) for $600,000 - no mortgage. I cannot find a job and have only approximately one month to pay my mortgage and condo dues for approx $2000 a month. I own my car outright (approx. value $10,000) and other than that just have furnishings etc.
Please... any suggestions?
Please... any suggestions?
Hi roschulr,
If you get buyer for your property, then you can sell it off and pay off the mortgage and condo dues. However, if you're unable to pay off the mortgage dues, then the lender will foreclose the property in order to recover the dues. If the lender is unable to recover his balance amount in full, he can place a lien on your car which is free and clear.
Take care
If you get buyer for your property, then you can sell it off and pay off the mortgage and condo dues. However, if you're unable to pay off the mortgage dues, then the lender will foreclose the property in order to recover the dues. If the lender is unable to recover his balance amount in full, he can place a lien on your car which is free and clear.
Take care
I'm not quite certain what your question is, other than to think that you're in a holding pattern while waiting for the properties to sell. Is that it?
If you're unable to make current regular payments, of course, as Sara mentioned, your lender can take action up to and including foreclosure. But if you're only a month or two behind before all the money comes flying in, then you will probably not be in jeopardy of losing your home. Lenders have to go through a lengthy process to go to foreclosure, so you've definitley got some time. Hopefully, selling one or the other or both of these properties will take place first.
If you're unable to make current regular payments, of course, as Sara mentioned, your lender can take action up to and including foreclosure. But if you're only a month or two behind before all the money comes flying in, then you will probably not be in jeopardy of losing your home. Lenders have to go through a lengthy process to go to foreclosure, so you've definitley got some time. Hopefully, selling one or the other or both of these properties will take place first.
