Posted on: 27th Oct, 2010 06:38 pm
I owe $108,000 on my condo, they are currently selling for 55,000-65,000
monthly mortgage is $800 plus maintenance fees of $315 per month which is $11,00 per month.
I am totally upside down and rental for this one bedroom is currently going at 750 per month. I am seriously considering walking away or should I rent and still fork up $400 per month?
monthly mortgage is $800 plus maintenance fees of $315 per month which is $11,00 per month.
I am totally upside down and rental for this one bedroom is currently going at 750 per month. I am seriously considering walking away or should I rent and still fork up $400 per month?
Welcome bernadettemcdavid,
If you want to get rid of the property and facing hardship to pay off the mortgage, then you should contact your lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, you won't be liable for paying off the balance amount resulting from the property sale.
If you want to get rid of the property and facing hardship to pay off the mortgage, then you should contact your lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, you won't be liable for paying off the balance amount resulting from the property sale.