Posted on: 04th Sep, 2010 08:57 pm
I have a duplex and it had a person move in with elevated lead blood level. The government shut down the building and while i tried to get a lead abatement contractor to do a very expensive abatement, the house was vandalised and all plumbing and electrical systems were stolen and a devestating amount of damage was done to the walls etc. I owe 40,000 and it needs 50,000 put into it, and after that the building would only be worth about 10,000. i have paid my mortgage for 15 out of 30 years. I cant pay for it anymore, i havent had a tenant there for 2 years and my insurance didnt payout anything because it was vacant and then cancelled me. Now the bank put on an extremely high insurance policy on the building for me to pay. I want to walk away, do you have any advice. thanks, steve
Dont just Walk away. If you do that the bank can seek a deficiency judgement and will hound you for many years. Instead call them up and try to get a short sale approved. Its is much better than letting it foreclose. Many people make the mistake of just walking away and it will hurt them in the long run.
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