Posted on: 17th Jun, 2011 07:44 am
Unfortunately, we had to let a rental condo go into foreclosure. Our mortgage was $360,000. It was an interest only loan we got in 2005. The idea was to sell the condo in a year, but then the bubble burst. We were not renting it enough to make the payments. It sold after foreclosure for $161,000.
We were working with the bank for a deed in lieu. They said if we would pay $45,000 for mortgage insurance, they would finish this transaction. That was on a Friday. on Monday, our RE agent called and said they had changed the locks and it had been foreclosed on.
We were paying $265/ month for mortgage insurance.
Other than getting the 1099C for cancellation of debt, we do not know what to expect. We spent over 2 hours on the phone with the Bank yesterday. (BoA) They just transferred us from one person to the next. No one would tell us what happens next. No one could tell us how much we need to pay or what the next step would be. We have gotten not one piece of paper from the bank...either before or after the foreclosure. It has been 90 days & no one has said one word to us.
Can someone give us an idea what to expect? We need to prepare!
We were working with the bank for a deed in lieu. They said if we would pay $45,000 for mortgage insurance, they would finish this transaction. That was on a Friday. on Monday, our RE agent called and said they had changed the locks and it had been foreclosed on.
We were paying $265/ month for mortgage insurance.
Other than getting the 1099C for cancellation of debt, we do not know what to expect. We spent over 2 hours on the phone with the Bank yesterday. (BoA) They just transferred us from one person to the next. No one would tell us what happens next. No one could tell us how much we need to pay or what the next step would be. We have gotten not one piece of paper from the bank...either before or after the foreclosure. It has been 90 days & no one has said one word to us.
Can someone give us an idea what to expect? We need to prepare!
What state are you in and what type of deed was used for the loan, a deed of trust or a mortgage. The reason is some states have different foreclosure laws and rights of redemption. Please let me know what state and if you know what type of deed was filed.
The condo is in Alabama. We were living in Mississippi when we bought the condo. We now live in Germany. (my husband was retired, but he had to go back to work to pay the mortgage)
Our paper work says "Deed of Trust" ...is that what you mean?
Thank you so much for taking time to answer our questions!
Our paper work says "Deed of Trust" ...is that what you mean?
Thank you so much for taking time to answer our questions!
