Hi, I've posted a few posts and gotten some helpful feedback. After considering all of my options, I have decided walk away from my house for many reasons (repairs, finances, underwater, etc.)
A few quick questions:
1)I do not intend to stick around in the property as there is mold and some other safety concerns. I'll be renting an apartment, getting out, and then stopping the payments. However, since I won't be occupying the property any longer, how will I be able to stay in the loop as to what is going on with the the foreclosure? I will have my mail forwarded, but I know the taper things to the door and such. Essentially, how to do they communicate what's going on with you? Is it best to periodically check in on the place?
2) Is it wise to just be straightforward with my lender and tell them I'm walking once I'm out? I've already spoken to an attorney and a HUD counselor, and given the state of the property and my resources, I have ZERO interest in saving it or attempting a short sale. However, because it is an FHA, my understanding is that I won't qualify for a deed in lieu unless I attempt to put it on the market. It's such a lemon at this point that it isn't worth it. I've been in the property only about 9 months.
3) I've made the decision to keep paying my HOA dues until after the redemption period and its no longer titled in my name as i don't want any additional legal trouble aside from the possible but unlikely deficiency judgement. What about the utilities, taxes, and insurance though? At what point will the lender step in and take over those things.
4) How long will it take? Buying a house (or at least this house) was one of the worst mistakes I've ever made, and I want to completely wash my hands of it.
Anything else you can offer would be great.
A few quick questions:
1)I do not intend to stick around in the property as there is mold and some other safety concerns. I'll be renting an apartment, getting out, and then stopping the payments. However, since I won't be occupying the property any longer, how will I be able to stay in the loop as to what is going on with the the foreclosure? I will have my mail forwarded, but I know the taper things to the door and such. Essentially, how to do they communicate what's going on with you? Is it best to periodically check in on the place?
2) Is it wise to just be straightforward with my lender and tell them I'm walking once I'm out? I've already spoken to an attorney and a HUD counselor, and given the state of the property and my resources, I have ZERO interest in saving it or attempting a short sale. However, because it is an FHA, my understanding is that I won't qualify for a deed in lieu unless I attempt to put it on the market. It's such a lemon at this point that it isn't worth it. I've been in the property only about 9 months.
3) I've made the decision to keep paying my HOA dues until after the redemption period and its no longer titled in my name as i don't want any additional legal trouble aside from the possible but unlikely deficiency judgement. What about the utilities, taxes, and insurance though? At what point will the lender step in and take over those things.
4) How long will it take? Buying a house (or at least this house) was one of the worst mistakes I've ever made, and I want to completely wash my hands of it.
Anything else you can offer would be great.
Comment