Posted on: 24th Sep, 2008 09:33 am
I married in October, 2007 and we decided to keep my home and sell my spouses condo. She has lost her job and has not been able to find another. The deed for the condo is in her name only and the loan is in her name only. We cannot afford both places, and payment of the mortgage and association dues has finally stripped all of our savings. We are current on the payments, but will not be able to make any going forward. And shortly the ARM rate will kick in.
The condo has been on the market for 6 months without an offer, and we now find that a $13,500 assessment is being made by the association. In all, if the unit sells, we will have to kick in at least $33,000, which we cannot afford.
In order to start over, we have come to the difficult decision that foreclosure is our only option. But we do not know how to go about that, and if the foreclosure will affect the credit rating of just my spouse as she is sole owner and the mortgage is only in her name.
Thank you for your help.
The condo has been on the market for 6 months without an offer, and we now find that a $13,500 assessment is being made by the association. In all, if the unit sells, we will have to kick in at least $33,000, which we cannot afford.
In order to start over, we have come to the difficult decision that foreclosure is our only option. But we do not know how to go about that, and if the foreclosure will affect the credit rating of just my spouse as she is sole owner and the mortgage is only in her name.
Thank you for your help.
tom, since you have no interest in the condo whatsoever and, i presume, you have no obligation under the mortgage; your credit rating ought not to be affected at all.
Thank you George. My next move is to try and workout a short sell or title for deed.
Hi tompeterson!
Yes, I think a short sale or a deed-in-lieu will be a better option for you than a foreclosure.
Thanks,
Jerry
Yes, I think a short sale or a deed-in-lieu will be a better option for you than a foreclosure.
Thanks,
Jerry