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rock2eightees · Joined: 30 Apr 2009 Posts: 2 1.00 Dollars($)

Bought a condo in 2005 with 40% down. Lost my job and i am behind with hoa and mortgage 3 month. Listed condo for sale
similar price as all listed shortsales in my building. Shortsales and
foreclosures aren't selling in my building. Modification was denied
twice because no income. Deed in lieu of foreclosure, i am certain
they would deny it and i don't have the money to pay the hoa's
and proptax. Also afraid they would take my 7 year old car which
is paid for. I am afraid of bankruptcy because i only owe money
for 1 mortgage, no credit cards and no other payments.
Can they take my car if i go in foreclosure? Any other way out?
Building is 55% foreclosed and nobody buys there. Renter is
not allowed if i owe hoa. Anything anybody?

smithsussane · Posted: Thu Apr 30, 2009 7:29 pm Post subject:

Hi rock2eightees!

Welcome to forums!

As far as I know, bank generally don't come after personal assets. So, I don't think you'll lose your car. However, I can understand that you are facing a tough situation as most of the options are not working for you. I would suggest you to apply for a deed in lieu of foreclosure and check if the lender accepts it or not. As far as the HOA and the property taxes are concerned, well, you'll have to pay them. As far as the property taxes are concerned, you can contact IRS and check out if they can offer you a payment plan to pay off the dues.

Feel free to ask if you have further queries.

Sussane

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Any other option left for my condo situation?