Posted on: 13th Jul, 2009 01:56 pm
If I file for a DIL, will I have to pay a penalty? And do I get back my propert tax held in escrow...purchased a condo with upgrades 2 yrs ago @127,500 and thus far never missed a payment. I owe about $124,000. When I purchased the condo, it was initially an investment and I planned to retire in 2-3 yrs, sell and move south because of continued health issues. The broker's good faith estimate reflects the property taxes @ about $50.00/mo. & condo assoc dues $100.00. The property taxes held in escrow now have soared to $298.00 + due are 151.00.
My hourly salary 2 yrs ago included 50-55 hrs ot. Now we have been cut to 40-45 hrs. I can't continue to pay the mortgage, plus the rest of the taxes, dues, PMI's, etc. At the end of the year, I will only have my SS and little 401K to live on if we downsize and I get cut back to Part time or no job at all. A realtor said for me to consult a lawyer before I proceed to act as my mediator. I want to know what happens to the property taxes held in escrow; will I get them back? How long from the time I fill out the request for the DIL to I have to move out. I live in Illinois. and what can I penalized with? The unit is worth $122K+. Can't afford to put it on the market.
My hourly salary 2 yrs ago included 50-55 hrs ot. Now we have been cut to 40-45 hrs. I can't continue to pay the mortgage, plus the rest of the taxes, dues, PMI's, etc. At the end of the year, I will only have my SS and little 401K to live on if we downsize and I get cut back to Part time or no job at all. A realtor said for me to consult a lawyer before I proceed to act as my mediator. I want to know what happens to the property taxes held in escrow; will I get them back? How long from the time I fill out the request for the DIL to I have to move out. I live in Illinois. and what can I penalized with? The unit is worth $122K+. Can't afford to put it on the market.
Hi lorirobbins!
Welcome to forums!
As far as I know, you won't be able to get back the money you have in the escrow as it would be used to pay off the taxes. Once you transfer the property to your lender as a part of your deed in lieu process, you'll have to leave the property. However, you can negotiate with your lender to check out whether or not he would allow you to stay in the property for sometime so that you can find another house for yourself. There is no penalty associated with deed in lieu.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, you won't be able to get back the money you have in the escrow as it would be used to pay off the taxes. Once you transfer the property to your lender as a part of your deed in lieu process, you'll have to leave the property. However, you can negotiate with your lender to check out whether or not he would allow you to stay in the property for sometime so that you can find another house for yourself. There is no penalty associated with deed in lieu.
Feel free to ask if you've further queries.
Sussane