Should I foreclose on my income restricted condo?
by Mortgage Rates on Friday, October 22nd, 2010 | 1 Comment
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
You will lose the 22k either way. If the lender forecloses on you and they sell your property for less than what you owe they file whats called a deficiency judgement against you. It is a real judgement and you have to pay it back. SOmetimes they take payments on the amount owed but remember when there is a foreclosure you will get hit for the realtor fees, legal fees (ouch) and back property taxes. Just take the offer or try to negotiate even an extra 3K in your favor. Then ask your realtor to decrease their commision once the contract has been accepted. It sounds like that market will get worse overthere. Don’t play around.