top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Foreclosure Advice

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Foreclosure Advice

    Greetings to all....I am still trying to make the right decisions....
    I have an investment condo in Florida that I am 4 months behind on....even when its rented its costing me around 800-900 per month to float each month..I am chasing good money to bad...Countrywide will not remodify the loan and I am pursuing a short sale and or a deed in lieu....if all else fails, I will let it go to foreclosure...My wife and I have good income and we live in our primary home for the most part struggle free....The big relief for me is that my wife is not on the condo loan at all....Its just in my name....I DO NOT want to pursue Capt 13 for myself if I dont have to....My thinking is let it foreclose, take the credit hit and move on....If I need to purchase anything major in the next few years, I will put in my wifes name....Our investments are in our IRA's and equity in my primary home....theres some cash laying around but not much and its in both names....My condo was purchased for 169,000....its selling for 69,000 now, I owe around 155,000 so there is a balance of around 85,000.....because my wife is not on the note, I am prepared to let it go....any thoughts on this decision?? Thankyou.

    #2
    Wow - thats a huge drop - where in FL?
    Filed Ch 7 -- July 9, 2008
    341 mtg ---- August 14, 2008
    Discharged ---- October 17, 2008
    Closed --------- December 11, 2009!

    Comment


      #3
      Snook, I'm with you. I would just let it go, especially as it is not your primary home. It's not worth the worry over.

      Good luck.
      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."

      Comment


        #4
        the condo is in zephyr hills fl......I do just want to let it go.....can anyone give some advice as to how it would/or if it could effect my wifes credit or how this would expose us as a family, or would this just go on my credit report and we will be fine....and just take the time to repair my credit....thanks

        Comment


          #5
          That is a very tough situation. I have a friend who bought a condo in the Tampa area with the intent of flipping it just before the bubble burst. He's paying over $4k a month and can't sell it for any price.

          If you let the condo go the bank will probably sue you for the $85K. Are you prepared to deal with that?

          Comment


            #6
            I suppose if they do go after me, I can always file a chapter 13....I am just not sure if I file one for myself and do not have include my wife....we split the bills down the middle for the most part....I will probably post that question in the chapter 13 section...thanks

            Comment

            bottom Ad Widget

            Collapse
            Working...
            X