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How to get rid of a condo that will not sell?

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Guest	Posted: Sat Mar 14, 2009 6:58 pm    Post subject: How to get rid of a condo that will not sell? Like 0 Dislike 0 I have a condo in S. Florida (not my primary residence anymore) that will not sell. I do not want to rent it out - I want it GONE, out of my name. It is a huge burden. What are my options? Can I foreclose? Can I do anything that will not taint my credit?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sat Mar 14, 2009 11:18 pm    Post subject: Like 0 Dislike 0 Welcome Guest, If you let the lender foreclose the property, then your credit will be badly affected. It will be lowered by 250 points. Renting out the property would have been the best option for you. But as you do not want to go for it, I would suggest you to contact the lender and apply for a short sale. However, if it is short sold, then you would have to pay the deficient amount resulting from the sale of the property. _________________ Procrastination is the enemy of your financial success

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