as a favor for a friend i allowed him to pull out all the equity in his condo by buying it from him. his obligation was to ensure all the payments were made until the property sold. i have never personally made any payments to the mortgage company because i currently own my own home. this friend has failed to keep his end of the bargain, now the property is up for foreclosure. i trusted this person so much, that we didn't sign any agreements if he should default. i can't afford to keep it...i would like nothing more than to just allow it to foreclose, but i can't afford the aftermath. what if any ways are best to minimize my financial obligations for this bad decision?
2007-03-21 08:32:29 · 3 answers · asked by vandroff 1 in Business & Finance ➔ Renting & Real Estate
As much as I loathe lawyers, NOW is the time for you to contact one. Please do it asap, for your own peace of mind and to avoid further troubles.
2007-03-21 08:38:07 · answer #1 · answered by SensiblySmart 4 · 0⤊ 0⤋
If the loan is in your name, then you really don't want to go to foreclosure. The best thing to do is to try and negotiate a short sell with the lender and immediately list the property for sale with an agent. If sold, all proceeds would go to cover the mortgage balance and costs and you get ZERO but that is better than a big ding to your credit history from a foreclosure.
2007-03-21 08:43:18 · answer #2 · answered by boston857 5 · 0⤊ 1⤋
Why would you do this? I feel really bad for you. Never ever do this type of activity for friend, best friend, son, daughter cousin, unlce........................................
2007-03-21 11:46:42 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋