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DIL?

Posted on: 17th Sep, 2009 08:34 pm
In 2001, I bought a condo for $124k as my primary residence. In 2007, my upstairs neighbor began doing home renovations and punctured the sprinkler system and destroyed my condo. I was forced to move out for 5 months while the HOA had it repaired. I moved back in, only to have my upstairs neighbor flood it again a few weeks later. The second was only water damage to one room, not nearly as bad as the first.
I had enough. That weekend, I found a house for $325k and bought it using a $65k equity loan from the condo. Due to several unforeseen circumstances, I was unable to sell the condo and began renting it at a loss.
Six weeks ago, the neighbor flooded it again - number three. The HOA is unresponsive for the repairs, the tenants are gone, and the neighbor has disappeared.
There are 10 of 82 condos trying to short sell or foreclosing on their condos. I'm having to cover the mortgages for the condo, the house and the equity loan.
The condo is not worth nearly enough to cover the outstanding balance of the mortgage plus the equity loan. The complex is going into total disrepair, and there are so many short selling or foreclosing that I'm not at all confident I could sell it. Renting it is only going to further my continued losses. I need help.
deed in lieu of foreclosure can be a good option for you to get rid of the property. did you speak to your lender about it? i would suggest you to contact your lender and speak to him about it. however, just remember that it would be the lender's discretion whether or not he would accept it. also, a lender generally accepts a deed in lieu of foreclosure when you are delinquent in your loan payments.
Posted on: 18th Sep, 2009 02:42 am
Yep you can go for deed in lieu

Call your current lender and check yoru options
Posted on: 20th Sep, 2009 07:15 pm
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