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I bought my condo on 2006 on very high price, now days I cannot

Customer Question
pay for the mortgage, cannot...
I bought my condo on 2006 on very high price, now days I cannot pay for the mortgage, cannot sell this property because the price is for 40% less than I bought. What should I do?
Submitted: 9 years ago.Category: Bankruptcy Law
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11/2/2008
Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
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Hello,

Unfortunately this has become a common question.


If you do not pay your mortgage, a lender can foreclose on your home. Florida does not have an anti-deficiency statute. Deficiency judgements resulting from foreclosure can be obtained in Florida.


A lender can take action to collect on a deficiency judgement, including garnishing wages and bank accounts.


One way to stop a foreclosure proceeding is called a "deed in lieu of foreclosure".

This procedure allows you to transfer your property voluntarily to your lender or Mortgage Company and your debt or deficiency is often forgiven. This will not save your home, but it will help you with your chances of getting another mortgage loan in the future and it will help you avoid the lengthy legal process of foreclosure. Although it is a negative strike on your credit rating, it is less harmful than a mortgage foreclosure.


With a deed in lieu of foreclosure a borrower whose mortgage is in default voluntarily transfers title to the mortgaged property to the lender rather than forcing the lender to engage in a long and costly foreclosure action. The lender must consent to the transfer.


There are various reasons why a lender would not agree to accept a deed in lieu of foreclosure. For example, if it appears that the borrower has the resources available to cover any deficiency that may result most lenders will refuse to forgo the ability to collect the deficiency.


If a deed in lieu of foreclosure is the route you decide to take, I suggest that you write to the lender or lender's attorney by certified mail, RRR and request this process.


I hope that the information which I provided was helpful to you.


If you would like any additional information, you can start your new question off with: This question is for FLANDNYLAWYER.


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Ellen
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Customer reply replied 9 years ago
Thank you, Flandy! Your suggestions very important for us, but we do not know anything about that, this is first time in out life: additional guestions are: 1.Is the process "deed in lieu of foreclosure" compicated? Can we do it ourselves or we need to hire a lawer? 2. Please provide little more information about credit raitings, what do you mean "it is a negative strike on your credit rating"? 3. How can I avoid the problems at my work regarding this matter?
Thank you, XXXXX XXXXX
Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
Thank you, Flandy! You are very welcome.

Your suggestions very important for us, but we do not know anything about that, this is first time in out life: additional guestions are: 1.Is the process "deed in lieu of foreclosure" compicated? It can be. You can request the process from your lender. If you lender is agreeable, you can then retain a lawyer to review the documents.


Can we do it ourselves or we need to hire a lawer?
You can request the process from your lender. If you lender is agreeable, you can then retain a lawyer to review the documents.


2. Please provide little more information about credit raitings, what do you mean "it is a negative strike on your credit rating"? Neither foreclosure, bankruptcy nor deed in lieu is helpful to a person's credit .. A deed in lieu is typically the least harmful.


3. How can I avoid the problems at my work regarding this matter? What type of work do you do that you think a deed in lieu would impact it?

Please CLICK ACCEPT so I can receive credit for my work thus far

You can then submit another question on this thread.


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Customer reply replied 9 years ago
1.I'm just acoounting clerk in big insurance company. 2. What kind of form I need to use to send "A deed in lieu " letter?
Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
Hello,

1.I'm just acoounting clerk in big insurance company.
This typically would not be a problem.

2. What kind of form I need to use to send "A deed in lieu " letter?

You can contact your lender and tell them that you would like to do a deed in lieu of foreclosure. They will send you the financial forms to complete. The lender will typically render a decision after review of your financials.

I hope that this information has helped you.


If I can be of assistance in the future, please ask for FLAandNYLawyer.


Please CLICK ACCEPT so I can receive credit

Bonus and Positive Feedback = job well done.

THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE


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Customer reply replied 9 years ago
Thank you!
Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
You are welcome. Good luck to you.
Ask Your Own Bankruptcy Law Question
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Ellen
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