What can I expect??

[snook]

Hello all....I have an investment condo in Fla. that I stopped making payments on in March.....I owe 158,000 and it is worth 69,000....Its been on the market for 60 days so far and nothing.....I just want out....the condo fees are almost what I can get for rent!!! It would cost me 1000.00 to float this condo per month....thats not gonna happen....Im prepared for my credit getting wrecked....my wife has good credit and she is not on the condo's mortgage...I do want not want to re modify the loan....I want to Deed in Leiu back to the bank (Countrywide)...they are trying to remodify the loan and thus saving me time....I want this to get to the legal department so I can start negotiating a deal....Does anyone have any input or advice as to how Countrywide will handle my situation?? I would think they want to avoid foreclosure fees at all costs....If I offered them some money and the property, do you think they will work with me or will they just go to the foreclosure process....I have some assets tied up in IRA's and equity in my primary home, other than that what we make pretty much just pays the bills...I am also concerned about a defiency judgement, what would that mean exactly....Do you think they will negotiate with me favorably....I know this is speculation, but Its in this forum that seems to have great advice....Thanks

[cityish]

I wish I knew some answers to your questions but I am new to this too and I have been scouring the web for info.

It is exhausting.

I am thinking of joining that "You Just Walk" web site where you pay $900 and they walk you through the process and answer all of your questions.

Does anyone know of any other foreclosure chat forums where there is more activity than on this one? This is a very nice board and I thank those who have responded to my questions, but I've noticed that people are only posting here every day or two.

Surely with the foreclosure situation going on in this country right now, there must be some place online where lots and lots of people are posting every hour about foreclosure questions. I need HELP and all of this googling and searching is driving me nuts....

[Flamingo]

I have no experience with foreclosures but I can tell you in our area with all the foreclosures taking place, many support groups and many state-sponsored workshops have formed to educate those facing foreclosure or in foreclosure as to what you can and cannot do. Fraud courses are also being held (state sponsored) so people do not get taken by scam artists. Investigate options in your city, county and state if anything like that is available to you. It's free and will have information as to requirements for your area/state since it will be local.