Posted on: 16th Mar, 2009 12:05 pm
WHAT ARE THE CONSEQUENCES OF STOPPING MORTGAGE & ASSOCIATION PAYMENTS?...I HAVE A 1ST & 2ND MORTGAGE ON A CONDO AS WELL AS THE ASSOCIATION FEES AND A 3RD MORTGAGE ON THE HOUSE WHERE I LIVE. I HAVE BEEN TRYING TO SELL THE CONDO FOR THE PAST 2 YEARS WITH NO LUCK AND UNABLE TO GET A RENTER. I WAS THINKING ABOUT JUST FORGETING COMPLETELY ABOUT THE CONDO PAYMENTS AND MOVING ON WITH MY LIFE. ANY THOUGHTS?
Foreclosure, ruined credit, etc etc
Hi MIAMIF!
Welcome to forums!
If you suddenly stop paying the mortgage dues for the condo, the lender will foreclose the property which will badly affect your credit. You will lose the condo and your credit score will go down by around 250 points.
I would suggest you to inform the lender about your hardship and check out if he can offer you any option. You can try to sell off the condo through a short sale or a deed in lieu. If you do not want to sell it, then you may try renting the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you suddenly stop paying the mortgage dues for the condo, the lender will foreclose the property which will badly affect your credit. You will lose the condo and your credit score will go down by around 250 points.
I would suggest you to inform the lender about your hardship and check out if he can offer you any option. You can try to sell off the condo through a short sale or a deed in lieu. If you do not want to sell it, then you may try renting the property.
Feel free to ask if you have further queries.
Sussane
