What are my options?

papisalsa1 · Joined: 09 Jun 2009 Posts: 4 2.48 Dollars($)

I was misled and I bought a Condo Hotel in Florida three years ago for $680,00. The balance of the mortgage after 3 years is $517,000 and the property is not worth more than $350,000. I can't not continue to pay the mortgage. What is my best option? : foreclosure, deed in lieu or short sale.

adonis · Posted: Wed Jun 10, 2009 12:33 am Post subject:

Hi papisalsa,

In my opinion, you can apply for a deed in lieu foreclosure. A deed in lieu will lower your credit score by 250 points but you won't be liable for the deficient amount resulting from the sale of the property.

Did you apply for a loan modification? This will help you in saving your property as well as your credit score.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

papisalsa1

Welcoem to the forum

Try goign for short sale first and see if your ledner can forgive the deficient amount that way the impact on your score is minimal.

If that does nto work then ask for a deed in lieu or worst case foreclosure

Good luck and feel free to ask

All times are GMT - 7 Hours

Page 1 of 1