i bought a condo around 6 years ago for 235k and put 60k down. now two condo units went for 65 and 70k in the same building and the same size as mine. my unit is now worth 70k some six years later. i let it go into foreclosure because after my down payment the balance is still more than the condo is worth. my question is can i save it for the present value?
Country relating to Question: United States
State (if USA): Illinois
foreclosure date is may 26th i've done nothing yet
Thanks for your question and good evening.
Your only option here would be to see if the lender would agree to a deed in lieu.Since it is set for foreclosure this is about the only option to try and avoid any potential deficiency.The lender otherwise is going to sell it and you will have to wait and see if they pursue any deficiency.Often if the lender fees they cannot collect anything else they will either agree to a deed in lieu or just foreclose and not pursue deficiency.I would definitely contact lender to see if deed in lieu is possible.
It is really too far underwater here and your options at this point are pretty limited.The lender is unlikely to agree to any kind of reduction on the amount owed but they might do a deed in lieu.It is at least worth asking about.
I hope this has given you information that has been helpful to you. If the information seems more general than specific, please be aware that we are only allowed to provide information and not specific advice. If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break.
If you need additional clarification on this question, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you. Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.
Reference to deed in lieu in Illinois
a deed in lieu is what? and if excepted this would mean i would still have to pay more than the property is worth?
You can consider a local lawyer here to help negotiate say deed in lieu.No it means you deed it back and lender agrees not to pursue deficiency.It is better for you here than say foreclosure.
If you want to use a lawyer here to help negotiate you can locate one here.
Also bankruptcy might be an option if they do pursue deficiency.You may want to go over this as well.
You just need to explore these options real quick as your time is limited.
I wish you good luck resolving it here.
Thanks for letting me chat with you and provide you information
Texas Attorney for 29 years dealing in real estate
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).