Posted on: 02nd Dec, 2009 08:20 am
I bought a condo in 2007 $450k with expensive association fee and maleroo. I still own bank $ 384k now.I tried to sale it for 6 mths,no buyer.I really hate this condo and trying to get rid of it. I work very very hard to prove my bank I can affored two home before my credit turn bad.so this year I got second loan and bough a new house under same bank.I spent $500 k and put 20% down. as soon as I moved in new house I stoped paying my first loan and intentionally to forclourse. I am 4 mths behind so far.now bank call me everyday ask me what I am going to do with my condo.I am afraid to tell them I want to get rid of it. they give me the choice to modify my loan or dee in lieu.I want to dee in lieu.but I donot know if I am quilifed or not becasue I earn too much money and able to afford two home. I am also afraid bank will sue me for cheating.
if I sign dee in lieu, bank sale it later on do I have to pay deficiency? or they will add to my tax.how I can make myself qulifed for dee in lieu without paying deficiency.
help!
joanna
if I sign dee in lieu, bank sale it later on do I have to pay deficiency? or they will add to my tax.how I can make myself qulifed for dee in lieu without paying deficiency.
help!
joanna
Hi joannalee!
Welcome to forums!
You can inform the lender that you want to go for a deed in lieu. The lender will check out your situation and will let you know whether or not he would accept your request for a deed in lieu of foreclosure. In case of a deed in lieu, you won't remain liable for the deficient amount resulting from the sale. The taxes are also forgiven depending upon the Mortgage Forgiveness Act.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can inform the lender that you want to go for a deed in lieu. The lender will check out your situation and will let you know whether or not he would accept your request for a deed in lieu of foreclosure. In case of a deed in lieu, you won't remain liable for the deficient amount resulting from the sale. The taxes are also forgiven depending upon the Mortgage Forgiveness Act.
Feel free to ask if you've further queries.
Sussane