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Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41221
Experience:  JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
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I live in a condominium that has damages caused by improper

Customer Question

I live in a condominium that has damages caused by improper construction, and failure on the part of condo assoc. to correct them. I cannot sell my condo due to the water damages, cracks in the concrete floors and walls. My question is how would i be affected by foreclosure
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Dimitry Esquire replied 1 year ago.
Thank you for your question. Please permit me to assist you with your concerns.
Foreclosure laws differ from state to state. In which state is this property located in?
Customer: replied 1 year ago.
missouri
Expert:  Dimitry Esquire replied 1 year ago.
Thank you for your follow-up. The biggest issue here is a potential deficiency judgment. Missouri permits such actions to take place. In Missouri, the amount of the deficiency judgment will be the loan balance less the amount paid for the property at the foreclosure sale, even if the sale price is less than the fair market value of the property. In other words, if you walk away and the condo is sold for less, you can be sued and pursued for the difference. In addition you may want to consider the substantial damage to your credit rating because a foreclosure will be reported. It is not quite as bad as outright bankruptcy but it is fairly close so if you pursue this option be prepared to suffer serious losses to your ability to obtain credit for the next 7 years or so. Sincerely, ***** *****

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