I purchased a condo with 0% down but now I cannot longer make payments. What are legal implications if I simply leave condo and return keys to the bank?
Thanks, Bart
2007-08-03 11:50:30 · 10 answers · asked by getlucky2 1 in Business & Finance ➔ Renting & Real Estate
They will charge you fees to resell it then sue you and garnish your wages. Having a foreclosure on you credit history will make it hard to ever buy again but you probably can't afford one for many years while you pay off this debt.
Try to avoid this if you can, get more roommates or sell at a loss yourself it will be cheaper. Ask the lender about an offer to accept a sale you find for them as the complete deal so you can walk away from your obligation. Talk to the lender about allowing you to skip a payment to and add it to the balance, they don't want to foreclose and have to sell it.
2007-08-03 11:59:44 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
The bank will initiate a foreclosure proceeding against you to legally regain title to the property, unless you willingly sign over the deed to them.
Chances are that you will be held liable for any deficiency amount left after the bank disposes of the property through real estate brokerage or on its own.
Meanwhile, this will doubtless be reported to the credit reporting agencies, and you won't have a very good credit score.
2007-08-03 11:56:00 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
talk to your bank about a short sale, that means you sell your property for a lower price than your mortgage is and the bank is willing to take a loss.
No Bank likes to do a bank foreclosure because they are expensive for them and they really don't want to buy property since they are no Realtors.
Some Banks are willing to talk to you about your financial situation and might give you other options as well. I have seen banks offering to their clients not to make payments for a few month and then catch up on it later. That might work for you as well and if you can sell the property in this time that would be better for yourself (and your credit) and the bank as well
2007-08-03 16:33:30 · answer #3 · answered by Monika Wilson 4 · 0⤊ 0⤋
If you were not doing anything wrong, your lawyer will explain to you the fourteen different charges you can bring against the guard, his security company, his supervisors, his trainers, the property owners, and anybody else who was there or who should have been there. You can hope that they will fire the guard and pay you a big pile of money to keep your mouth shut, but it doesn't always happen that way.
2016-05-17 11:00:13 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Talk to your lender about doing a "deed in lieu of foreclosure" and ask them what the consequences would be since each lender is different according to state laws and their own guidelines. You might want to look into something called a "short sale" as well.
Regards
2007-08-03 12:04:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You have to actually call them and ask for a Deed in Lieu, this will protect you from financially devastating deficiency judgements that can lead you file for bankruptcy.
2007-08-03 11:58:12 · answer #6 · answered by Expert8675309 7 · 0⤊ 0⤋
aside from your credit getting ruined? And the possibility of them taking you to court for paying the difference? Not too much after that. But then again you do NOT get my sympathy for getting involved in this sub prime loan deal to begin with.
Refinance and get the fixed rate deal.
2007-08-03 11:54:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The bank could sell it and if they get less that what your loan is, you will probable have to pay the difference. Better file bankruptcy.
2007-08-03 11:54:15 · answer #8 · answered by jamsterette@sbcglobal.net 4 · 0⤊ 1⤋
voluntary evection.... you need to sell it you should get a 30-90 day hold if you put it on the market before it goes to auction
2007-08-03 11:58:43 · answer #9 · answered by Will 2 · 0⤊ 0⤋
i think you should sell it by owner. or rent it out. that would be the best thing/
2007-08-03 12:02:54 · answer #10 · answered by Sabrina Devareoux 4 · 0⤊ 0⤋