Posted on: 26th Oct, 2012 12:48 am
We want to walk away from the property as it is $70,000 under water with only a first mortgage. We do not see the values going up for a really long time. The HOA is driving us nuts and we are getting ready to move into the house we really want to be our final house. I have some questions and hope someone can clarify: Do we need to turn the power off when we leave the property? Or just set the thermostat to 95 degrees?? What should we tell the HOA?? Should we still arrange for mowing the yard?? What is the wait time now until the bank forecloses the property? Any help at all would be warmly welcomed as there is no "manual" for this sort of stuff.
Hi Sandro,
It will be better if you could turn off all the utilities when you leave the property or walk away from it. If you decide to walk away from the property, then you won't have to inform the HOA about it. Unless the property is sold off, you will remain liable for the maintenance of the property.
Thanks
It will be better if you could turn off all the utilities when you leave the property or walk away from it. If you decide to walk away from the property, then you won't have to inform the HOA about it. Unless the property is sold off, you will remain liable for the maintenance of the property.
Thanks
Welcome Sandro,
The lender will start off with the foreclosure process if you are 3 months or more late on the property. However, if you wish, you can even go for a deed in lieu of foreclosure in order to get rid of the property.
The lender will start off with the foreclosure process if you are 3 months or more late on the property. However, if you wish, you can even go for a deed in lieu of foreclosure in order to get rid of the property.