(((I tryed to sell it thu ReMax, but no buyers. There are 4 more condos for sale across the street from me, and 3 more around the corner. Those condos have been on the market for well over 11 months. We took ours off the market because Remax said that we would have to come up with $5, 994.37 at closing. We don't have that kinda money, and this is why we have NO choice but to leave. Why stay and get buried in more debt worse than we aready are?!?)))
And, guess what? I just got my property taxes in the mail today for $2,702 due January 31st... Damn, I'm sinking fast now...
2007-12-14 11:02:20 · 6 answers · asked by Tim Cowan 1 in Business & Finance ➔ Renting & Real Estate
Are you behind in the payments? Ask the bank to do a deed in lieu or short sale and see if they will then get out from under it if you can not afford the condo.
2007-12-14 11:05:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Can you rent it out?
Are you taxes paid by the lender? I receive a tax bill every year, but the lender pays them through the escrow account.
Ask your lender if they will either work with you on the payments or if they would accept a short sale. Do this ASAP, the further behind you are, the worse this becomes.
Good luck.
2007-12-14 20:28:08 · answer #2 · answered by godged 7 · 0⤊ 0⤋
Is it that your circumstances have changed and you can't make the payments or is it just that the value has decined? If your still employed and able to make the payments then just stay put.
If you have to sell, then aside from the other strategies, i'd take anything that's not essential and put it in storage, to make the place look spacious, uncluttered and inviting as possible.
2007-12-15 07:24:51 · answer #3 · answered by llazyiest 5 · 0⤊ 0⤋
It's going to be easier to come up with $6K to sell it, than it will be to come up with $20K, if it gets foreclosed on.
If you get foreclosed on, THAT'S when you'll get buried in more debt.
If you want to sell your condo, and it's a buyer's market, you have to cut the price. One way or another, that condo is going to sell for less than your asking price, and YOU are going to have to cough up the difference. It won't be as bad if YOU sell it.
2007-12-14 19:16:45 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
Hello desperate:
Hope fully you have an escrow account. Call your lender today and tell them what your problem is.
Ask them to lower your interest rate. Let them know if they don`t lower it you will give the house back to them by walking away. See if they wont lower your interest rate first. Call them and work something out. You may be surprised. They do not want your home believe me.
2007-12-14 19:17:41 · answer #5 · answered by Big Deal Maker 7 · 0⤊ 0⤋
Where's the question here?
If you already have an active question, you can add details without having to start another question (like this).
2007-12-14 19:06:05 · answer #6 · answered by FaZizzle 7 · 0⤊ 0⤋