I was forced to move for a job and no longer live in my condo. Is foreclosure a good option?
My condo was on the market for over 2 years…no offers whatsoever. I’ve been unable get someone to rent it. I bought the condo for 4,000 and it’s now worth 0,000. I’ve never missed a payment but my savings is nearly gone. Anyone else in my situation? What’s the best way to handle something like this?
Filed under: Foreclosure Options
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Foreclosure is NEVER a good option. The market will not stay down forever-sooner or later your place will sell. If you take a loss, that just means that you will have to pay less for the next place you buy. Your loss is not really a loss at this point–just a figure on paper. The future will be OK if you hold your nerve.
Why isn’t the place selling? Maybe your realtor isn’t working very hard on your behalf. Maybe you need to paint the place, or whatever.
Is your condo empty? It is always harder to sell a vacant place. You could take it off the market and rent it out, or even get a friend to live there free or for very reduced rent on the understanding that the friend will have to move when the place is sold.
foreclosure is never the best option! they will come after you for what you oew ofter the sale of the house.
there are still options to you you nee to get a mitigations involved. they have options they can negoiate with your lender if you ish to walk but you must get someone involved fast. you have several options that will save you $$$. there are several ways yOu can do a
DEED IN LIEU OF FORECLOSURE this has several variations the best being exchange the deed with bank for satisfaction of debt in full ( you need a loan modification specialist to help it will save you thousands of dollars and save your credit score!
i had a modification done thru this company below they did a great job! and gave us our options they have 95% success and are attorney backed and specialize in modifications with 100% guarantee
Foreclosure is not a good option, because it impacts your credit. What you might try is contacting your lender and offer deed in lieu of foreclosure. You can prove you have tried to sell for 2 years. If they won’t then you don’t really have a choice financially, but to let it go. You should know all the rules governing foreclosures in your state.