 Eth212
Joined: 23 Mar 2009
Posts: 1
1.71 Dollars($)
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 Posted: Mon Mar 23, 2009 3:27 pm Post subject: Forclosure |
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| I'm wondering if any one can help me in which direction I can go. I have a house and a condo under my name. Both are rentals. The house is $1300 neg. cash flow, and the condo now is about $300 cash flow. I lost my job a year ago, and my brother was making the payments. Until my father passed away recently, and my brother can no longer make the payments to my house. And since he's not on the loan, I can't qualify for loan modification, nor am I employed. So I'm behind on the house property, and by 3 months. I was considering Foreclosing on the house, and may be deed in lieu if I qualify? But I want to keep the Condo. Is that possible? Do I need to get a lawyer? What are my options?? Please Help, Thanks a lot! |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Mon Mar 23, 2009 8:13 pm Post subject: |
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Hi Eth!
Welcome to forums!
If you do not pay the monthly payments for your house and condo, the lender will have the right to foreclose both of them. If you are already delinquent on your monthly payments for your house, you can apply for a deed in lieu. The lender will judge your financial situation and then decide whether he would accept your request or not. You have mentioned that you want to keep the condo. In order to keep the condo, you will have to make regular payments.
Feel free to ask if you have further queries.
Sussane |
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