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I have a property bought in March 04 for 75K. Refi in Nov.

I have a property bought...
I have a property bought in March '04 for 75K. Refi in Nov. 2007. Appraised (inflated, all paper) at $140K. Signed up for $96K. Prop now valued at $24K. Don't even have to pay property tax because of homestead exemption. Papers won't allow to be rental prop, even tho HOA is pain. HOA fees at $235 p/ mo. on top of mortgage at almost $700. I do not want property. Want deed in lieu, short sale. Out of it. Reconciled to trashing credit after all this time. I also do NOT want to do bankruptcy. Only outstanding dept, $1k in medical. Car paid for. $200 on CC. How can I, do I, handle this?

Already consulted attorney, stuck like chuck was the response. No. I did not take their 96K. Paid you know how much in interest over the past 7+ years. And maybe $300 toward principal. That is wrong.

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Answered in 6 hours by:
10/1/2010
Law Educator, Esq.
Category: Criminal Law
Satisfied Customers: 119,437
Experience: Attorney with over 20 years law enforcement, prosecution, civil rights and defense experience
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To do a deed in lieu you would need to negotiate that with the lender and they will not negotiate that or a short sale until you are delinquent in your payments for 3-6 months. Of course if they accept the deed in lieu they accept the deed in full satisfaction of the debt and there is no deficiency judgment. If you do a short sale, then you would have to negotiate with the lender regarding forgiveness of the deficiency amount for which they will issue you a 1099 to claim as income on your taxes. As far as the regular foreclosure, there you would be liable for the whole deficiency amount. Unfortunately these are really your only options at this time if you want out and do not want to file bankruptcy or do not qualify for bankruptcy.


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Law Educator, Esq.
Category: Criminal Law
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Experience: Attorney with over 20 years law enforcement, prosecution, civil rights and defense experience
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