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We have a condo we can't not afford and like to get rid of…

Customer Question
HI we have a...

HI we have a condo we can't not afford and like to get rid of it ,but we 11000.00 fot but now they only want 1.500.00 ,how can we do this

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Rhodes Inland

Lawyer's Assistant: Has anything been filed or reported?

Explain please

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No we have made all of our payments ,but its been really tough to keep up

Submitted: 6 months ago.Category: Legal
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1/6/2018
Lawyer: Loren, Attorney replied 6 months ago
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 38,809
Experience: 30 years experience representing clients.
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Thank you for using JA. I look forward to assisting you.

What is your specific legal question.

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Customer reply replied 6 months ago
No we have paid everything to date but we can not afford this ,
Lawyer: Loren, Attorney replied 6 months ago

What would you like to know?

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Customer reply replied 6 months ago
Sorry we can’t afford the payment either so please just my question
Lawyer: Loren, Attorney replied 6 months ago

What is the question?

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Customer reply replied 6 months ago
No we have a lawyer Kevin Heitke
Lawyer: Loren, Attorney replied 6 months ago

You have three basic options.

First, you can try to sell the unit and work out a short sale. That is where the unit would sell for less than is owed and the lender would agree to release the note and mortgage in return for the net proceeds of the sale.

Next is a deed in lieu of foreclosure. That is a negotiated agreement where you voluntarily deed the property to the lender without the lender having to go through the foreclosure process. As part of the negotiation, the lender would release the note and mortgage. You might also be able to get them to stipulate that the value of the property is the remaining balance of the mortgage. That way, you would not get a 1099 for the amount debt forgiveness.

The last option is to just walk away. It is the riskiest because you have no negotiated terms and the lender could have options regarding deficiency.

It is a good idea to have an attorney represent you. Lenders are notorious for giving unrepresented borrowers the run-around. A general business or debtor/creditor attorney could help you.

As for fees, there is no set rate and it should be negotiated upfront. The fees will be hourly and the cost will depend on the amount of time. Of course, the hourly rate for a large firm will be more than a storefront neighborhood attorney.

If you need assistance finding local counsel try Martindale Hubble (site rules prohibit us from referring specific attorneys) . Many attorneys themselves use this site to locate attorneys outside their jurisdiction or expertise:

http://www.martindale.com/Find-Lawyers-and-Law-Firms.aspx

It is a huge worldwide database searchable by location and specialty. The attorneys are all peer rated. So, they represent the top of the profession.

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Lawyer: Loren, Attorney replied 6 months ago

Did you have further questions? Have I answered your question? Please let me know.

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Lawyer: Loren, Attorney replied 6 months ago

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