I haven't defaulted on any of my payments for two years and I've told them I'm moving out January 1st. I've already leased a new apartment for the next year thu 2008, so I'm at a point of no return. I don't know what to do with the keys for the condo when I leave... Has anyone here been in this situation before???
2007-12-14 05:02:54 · 6 answers · asked by Tim Cowan 1 in Business & Finance ➔ Renting & Real Estate
"What you want is a deed in lieu of foreclosure. It's totally up to the bank to decide if they want to give it to you or not.
Just to check, you do realize that you purchased a property and not rented one right? A mortgage company isn't a landlord that you can give 30 days notice that you are moving to. You are on the hook for whatever amount of money you signed mortgage papers for.
2007-12-14 15:08:49 · answer #1 · answered by Patrick 5 · 0⤊ 0⤋
Basically what you want to do is allow your condo to be foreclosed on.
My suggestion is that you stay living there until it is actually foreclosed without paying the mortgage which will probably take 4-6 months. During those months bank every dime you can because you are going to need that money to move out when the time comes.
Once the foreclosure happens the mortgage company will sell the condo and you will owe the difference between the selling price and the balance of your loan.
It is not a good thing but it is happening all over the country.
Do not panic and move out today. Use the time that you have wisely. In the end you will owe the mortgage company so why not use this time to get your finances a little bit in order?
2007-12-14 13:17:07 · answer #2 · answered by ebosgramma 5 · 0⤊ 0⤋
You own your condo. If you want to give it up you have to sell it or pay off the entire balance owed on the mortgage. This is not an apartment that you leased. I'd say you better stay in the condo or find someone to rent (or lease) it. The mortgage company only wants the mortgage paid. They don't care what you do otherwise. The keys are yours and so is the condo. Don't default on it. Sell it or lease it.
2007-12-14 06:32:17 · answer #3 · answered by psi2006 4 · 0⤊ 0⤋
I gather you think you can simply turn in the keys for the property to the lender and walk away from your mortgage on this condo. Think again. You can't do that.
If you actually took this mortgage, you're responsible for it, and the lender could not care less if you move out or not. They are going to come after you with legal guns blazing, foreclose on the property, and leave you with a shredded credit file.
2007-12-14 06:19:55 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
I am confused with your question. If you have a mortgage it is your responsibility to pay for it whether you live there or not. Why are you not selling the condo? Are you just walking away from the mortgage and expecting the mortgage company to just have a property? Can you clarify?
2007-12-14 05:18:45 · answer #5 · answered by ADG 4 · 0⤊ 0⤋
Why aren't you selling your condo and making money on it?
2007-12-14 05:11:15 · answer #6 · answered by kevin h 5 · 0⤊ 1⤋