Real Estate Law
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Answered in 4 minutes by:
6/15/2010
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4,666
Experience: 18 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
VerifiedHello, I am happy to assist you today.
In this market, probably your best bet is to try to hold onto the property while you rent it out, or to try to sell it. A sale can be difficult to achieve right now for the amount you need to get to pay off the mortgage.
In the event that you can't make your full payments, you can not make partial payments. The bank will actually return them and it will go into pre foreclosure.
If you do end up behind, the bank will be more likely to work with you to get back on track. At that point you can ask for a payment plan where they will lower your payments for now, and that could help you until you can sell. They will also be more willing to do a restructuring of the mortgage or give you permission to do a short sale. All of these options are only available to you if you are behind. I know, seems crazy, but that's just how it works.
Just click Reply if you have follow up questions.
Kimberly
In this market, probably your best bet is to try to hold onto the property while you rent it out, or to try to sell it. A sale can be difficult to achieve right now for the amount you need to get to pay off the mortgage.
In the event that you can't make your full payments, you can not make partial payments. The bank will actually return them and it will go into pre foreclosure.
If you do end up behind, the bank will be more likely to work with you to get back on track. At that point you can ask for a payment plan where they will lower your payments for now, and that could help you until you can sell. They will also be more willing to do a restructuring of the mortgage or give you permission to do a short sale. All of these options are only available to you if you are behind. I know, seems crazy, but that's just how it works.
Just click Reply if you have follow up questions.
Kimberly
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