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KimberlyLaw
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4198
Experience:  13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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I cannot afford to keep my rental townhome any longer. I

Customer Question

I cannot afford to keep my rental townhome any longer. I want the bank to take it back. What financial obligation will I face if I give up the home.
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  KimberlyLaw replied 4 months ago.

Hello, I am happy to assist you today.

Yes, this is a possibility, but only if you are months late on your mortgage payments. The bank will not discuss a short sale or buying back the home unless you are in arrears.

Generally a short sale would allow you to sell the home for less than what you owe, or a deed in lieu of foreclosure would allow you to give the property to the bank for less than what you owe.

There is a possibility of attorneys' fees, costs, etc. in doing this but you can try to work it out so that you don't owe any of that.

Let me know if you have any questions about this.

Kim

Expert:  KimberlyLaw replied 4 months ago.

Hello. Just checking in with you today. I didn't see any follow up questions for you and this question is still open.

I am online today if you have any questions about the above. If not, please do rank my answer with positive feedback, so that I get credit for my work with you.

Thanks so much and take care,

Kim

Expert:  KimberlyLaw replied 4 months ago.

Hello, This is Kim, the attorney who assist you last week.

I see that this question is still open. Please go ahead and rate my answer with positive feedback. The top three ratings will make sure that I get credit for my work with you.

Thanks so much and take care,

Kim

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