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nyctrealty · Joined: 14 Apr 2009 Posts: 1 1.42 Dollars($)

What happens when you have tried to renegotiate with your lendr that in a 3-4 family when the tenants aren't paying their rent, the taxes increasing, the utility bills doubling, your interest rate is so far from the current rates, and you want to lower your interest or restructure your loan and they are not budgeing and you don't want to get rid of the property or else you would have done a deed in leiu of foreclosure they go ahead and proceed w/ the foreclosure...the note was for $280,000 and the new appraised value after bank appraisal was $190,000, if and when the dwelling is foreclosed what happens to the balance of almost $100k? Do they, can they still come after you. You have your own private home, and other home equity debts as well as outstanding credit cards.

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

Right now, the lenders are focusing on Owner Occupied Properties, which puts you in a bad spot at the moment. From what I understand they are rolling out programs in May for Non Owner Occupied Properties, I hope you can hang on!

Regarding the loss of equity, yes the lender can hold you responsible for the difference for up to 20 years.

jenkin7 · Posted: Thu Apr 16, 2009 2:46 am Post subject:

Hi nyctrealty,

If it is a normal foreclosure, it is most likely that the lender would hold you responsible for the deficient amount. There are exceptions, though. But if you go for a deed in lieu of foreclosure, the lender generally forgives the deficient amount.

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

You can try to work something out with your lender, they have been known to waive the deficient balance, but make sure you get it in writing.

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What happens afer the property is foreclosed with rspect to any outstanding balances