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Answers (4)
- sunnyview
- Contributions:25127
I am not a lawyer, but it looks like you may have deficiency judgements in Virginia here so if you walk away, the mortgage company may be able to follow you. If you have a hardship, you may be able to qualify for a short sale and work an agreement with the bank to take the proceeds from the short sale and sign off on pursuing a judgement.
If I were you, I would get some legal advice now. A first consultation with an attorney is only a couple hundred dollars, but it will be invaluable in you understanding what your options are. You are not the only one dealing with this, but get all the information you can and explore all options that would allow you to move forward including bankruptcy if this condo has become a financial burden.
If I were you, I would get some legal advice now. A first consultation with an attorney is only a couple hundred dollars, but it will be invaluable in you understanding what your options are. You are not the only one dealing with this, but get all the information you can and explore all options that would allow you to move forward including bankruptcy if this condo has become a financial burden.
- James Ryan, "GreatRateFolks"
- Contributions:1038
Hi Meghan...
Welcome to 2011...I am sorry to hear of your predicament. I would suggest the best way out is to rent the condo, with rents increasing you should be able to get enough to break even or maybe a bit of positive cash flow and wait out the market. I did that with my town house down near you, and am just crossing my fingers hoping the new jobs at Belvoir increase demand.
If you REALLY want out out NOW, then a real estate attorney and tax specialists are the folks you need to discuss this with. Let me know if you need a recommendation, and Best of Luck! Jim
Welcome to 2011...I am sorry to hear of your predicament. I would suggest the best way out is to rent the condo, with rents increasing you should be able to get enough to break even or maybe a bit of positive cash flow and wait out the market. I did that with my town house down near you, and am just crossing my fingers hoping the new jobs at Belvoir increase demand.
If you REALLY want out out NOW, then a real estate attorney and tax specialists are the folks you need to discuss this with. Let me know if you need a recommendation, and Best of Luck! Jim
- MeghanCowley
- Contributions:2
Thanks- I realize that I have to qualify, but am finding that we probably won't qualify. We are not able to rent either due to our condo by-laws and not to mention the overhead we would carry to pay the remaining monthly payment. Just wondering if we missed something that someone could help us out with such as new programs etc.
- Cynthia Bell, "CyndiBell"
- Contributions:329
You have to qualify for a short sale. Unfortunately, wanting to be in a bigger place isn't a hardship. Though I totally understand why you want to get a bigger place.
Foreclosure laws vary from state to state. My best suggestion is speak to a real estate attorney (prefferable one who specializes in short sales) and an CPA to understand the implications of a foreclosure/short sale.
Foreclosure laws vary from state to state. My best suggestion is speak to a real estate attorney (prefferable one who specializes in short sales) and an CPA to understand the implications of a foreclosure/short sale.
Are banks starting to come after home owners who short sale/forclose?
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