Posted on: 29th Dec, 2009 12:08 pm
Back in June 2009, I found out that the developer has defaulted on his loan; the bank has a lien on all the property. There are (3) building w/3 condo in each of them. I am the only owner living in one of the condos and everything has gone down hill. The property is not being taken care of, the (Esquire) for the developer collects the association fees (monthly). But, the property has no value due to the damages of each building, steel fences have been hit by cars, concrete buckling, and just no landscaping service at all.
Hi gcrit!
Welcome to forums!
It will be difficult for you to do a deed in lieu of foreclosure if there is a lien on the property. The buyer of the property may ask you to pay off the lien first. However, you can try listing the property in the market and check out if you can get a buyer for the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be difficult for you to do a deed in lieu of foreclosure if there is a lien on the property. The buyer of the property may ask you to pay off the lien first. However, you can try listing the property in the market and check out if you can get a buyer for the property.
Feel free to ask if you've further queries.
Sussane
Thanks Sussane-But maybe, I didn't explain myself well. My condo unit does not have a lien on it. It is the developer that still owns the other (2) building and the 3rd floor unit. I know this also includes the common area and the rest of the land that my building sits on. There are only (2) owners out of 9 units. So, are you sure I cannot do a deed in lieu?
Hi gcrit,
I would suggest you to speak to your lender and apply for a deed in lieu. It would be the lender's discretion whether or not he will accept your request. As the rest of the property has a lien on it, there are chances that the lender may not accept it.
I would suggest you to speak to your lender and apply for a deed in lieu. It would be the lender's discretion whether or not he will accept your request. As the rest of the property has a lien on it, there are chances that the lender may not accept it.