Posted on: 22nd Dec, 2009 04:04 pm
Hi,
Here is my dilemma. I recently got married and my wife has a nine year old daughter. I own a one bedroom condo that we have been living in, and as you can imagine, it is very crammped. I am not late on any mortgage payments, but due to the lack of space in my condo, and that fact that it is $65k upside down, we are thinking of walking away. We need to rent a bigger place and I cant rent my condo for enough to cover the mtg and afford to rent a place. Even though I know my credit will take a ding, it should not affect my wife seeing that she is not on the mtg. Any suggestions on what I can/should do. The property is in Florida.
Thank you for your time
Here is my dilemma. I recently got married and my wife has a nine year old daughter. I own a one bedroom condo that we have been living in, and as you can imagine, it is very crammped. I am not late on any mortgage payments, but due to the lack of space in my condo, and that fact that it is $65k upside down, we are thinking of walking away. We need to rent a bigger place and I cant rent my condo for enough to cover the mtg and afford to rent a place. Even though I know my credit will take a ding, it should not affect my wife seeing that she is not on the mtg. Any suggestions on what I can/should do. The property is in Florida.
Thank you for your time
Hi surfmike,
It is quite evident that you need a bigger place to stay and you do not want to keep the current condo. Since you do not want to keep the property, you can sell it off. But as the property is underwater, you will have to short sell it in the market. In case, you cannot short sell the property, you can ask the lender to accept a deed in lieu of foreclosure. If you walk away from the property, the lender will foreclose on the property. But a short sale or a deed in lieu will be better options than a normal foreclosure.
It is quite evident that you need a bigger place to stay and you do not want to keep the current condo. Since you do not want to keep the property, you can sell it off. But as the property is underwater, you will have to short sell it in the market. In case, you cannot short sell the property, you can ask the lender to accept a deed in lieu of foreclosure. If you walk away from the property, the lender will foreclose on the property. But a short sale or a deed in lieu will be better options than a normal foreclosure.
agreed....your best bet seems to be a deed in lieu of foreclosure. contact the loss mitigation department with your lender and see what they have to say. a short sale might be helpful, but the deed in lieu ought to be a speedier method by which to dispose of the property.
of course, you can, indeed, simply move out and find a rental (while your credit is still good enough). just understand the damage that doing so will do to your credit, what with a foreclosure following your walk.
of course, you can, indeed, simply move out and find a rental (while your credit is still good enough). just understand the damage that doing so will do to your credit, what with a foreclosure following your walk.
