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Roger
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Category: Real Estate Law
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I closed on my condo 9-28-07. My payments are

Resolved Question:

I closed on my condo 9-28-07. My payments are $1915 per month plus my association dues of $215 per month. I clear $2200 per month, with my payments and paychecks I do not have any money left to pay any bills. I was able to get into this mortage by using my overtime income, which was substantial. I am no longer able to work any overtime, therefore, unable to pay my mortage. I am in a 30 year fixed mortage at 6.5% interest. The company that has my mortage is Country Wide . I have contacted them multible times regarding how to fix this. At this time there is no way to "fix it", as my interest is below 7.5 and is fixed.   Country Wide says the only thing they can do is to foreclose. There is a "inlieu" of foreclosure, where if I put it on the market and it is not sold, they can take it back and not foreclose on it as normal.       All that being said, is there any other way, and do I need to get a lawyer to handle this?
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  Roger replied 6 years ago.

If you can't sell the property in a very short period of time, you best option is to execute a deed in lieu of foreclosure over to the mortgage company. This allows you to avoid the time and expense of a formal foreclosure (and keep it off of your credit information), not to mention that it should get you off the hook for any deficiency judgment in the future (if the house was foreclosed and sold for less than what you owe, the mortgage company has the right to seek the balance from you).

If the bank is willing to take the property back, this is the best route to take.

Feel free to ask any follow-ups.

Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 26334
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
Roger and 10 other Real Estate Law Specialists are ready to help you
Customer: replied 6 years ago.
Reply to Adam Kirk's Post: For the most part my question was answered, but I still need to know if an attorney should be helping me through the process.

If the question is answered, I will gladly accept the answer and may request time from Adam Kirk if necessary.
Expert:  Roger replied 6 years ago.

Generally, an attorney's involvement in a deed in lieu of foreclosure would be preparing the deed. In this instance, the mortgage company probably has a form deed it would use.

That being said, I do not believe it is necessary to hire an attorney, but it may make you more comfortable with the process.

Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 26334
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
Roger and 10 other Real Estate Law Specialists are ready to help you
Customer: replied 6 years ago.
Reply to Adam Kirk's Post: Thank you, XXXXX XXXXX I took so long to get back to you. You have been very helpful.

Again, thank you,

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