Posted on: 03rd Aug, 2010 02:43 pm
In Sept. we put our house in VA on the market when my husband got a job in MO. Now in August, it has been marked down from where we could sell it to way below were we can afford to sell it for. The house is priced at 124,900 and it was only at this price that we've even had interest, partially because it's a short sale and partially because the HOA on this property is $210/MONTH, well above any of the similar properties. Also, the HOA has gone up from $140 to $210 since May '07 when we bought, recently going up every 6months, so people are scared of what it will be next month, since there are no rules. PS...we have never been given a vote about the increases. My husband lost said new job in March and we couldn't make the payments anymore.
We sent the only offer we've got for asking price and the bank says that the house is worth 160,000 and they won't even look at something under $150, what do we do now? They won't set a foreclosure date, we've asked, our lawyer ask, our real estate agent asked.
We sent the only offer we've got for asking price and the bank says that the house is worth 160,000 and they won't even look at something under $150, what do we do now? They won't set a foreclosure date, we've asked, our lawyer ask, our real estate agent asked.
Hi floebe,
You can apply for a deed in lieu of foreclosure with your lender and check out if you can sell off the property. In that case, you won't be liable for paying any deficient balance to the lender. He would sell off the property and recover the dues. The deficient balance will be forgiven by the lender. However, it'll be the lender's discretion whether or not he would accept the request.
You can apply for a deed in lieu of foreclosure with your lender and check out if you can sell off the property. In that case, you won't be liable for paying any deficient balance to the lender. He would sell off the property and recover the dues. The deficient balance will be forgiven by the lender. However, it'll be the lender's discretion whether or not he would accept the request.