Ask Experts Questions for FREE Help !
Ask
    pamont's Avatar
    pamont Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 7, 2009, 10:35 AM
    Should I foreclose?
    For the past 20 years I have rented a condo unit that became a ghetto property; for the most part I have had excellent tenants, but I no longer can afford the high maintenance, new special assessments, and mortgage. What and how do I foreclose? What will be the penalities if I do?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #2

    Feb 7, 2009, 02:25 PM

    Welcome to AMHD. I do not understand how you are going to foreclose? Do you owe money to a lender that is holding the condo as collateral? Have you tried to sell?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Feb 7, 2009, 02:53 PM

    Yes, you don't decide to foreclose, you can decide not to pay and the bank can foreclose. But the question is, how much do you owe, how much is it worth,

    Can you sell it ?
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Foreclose law [ 2 Answers ]

I own 2 lots with a mobile in Arkansas.I qualify for homestead.There is 2 others city tax that is not cover under homestead, road and recreation. The one for road tax wants to foreclose on my property.Can they do that even though I also have homestead? I have 2 lots with mobile in Arkansas.I...

Foreclose vs. Bankruptcy [ 2 Answers ]

If I foreclose on my home or file bankruptcy, can the creditors come after land that I listed as an asset only on my loan documents? What would be the best thing to do... file bankruptcy or foreclose? This is in Arizona..

Foreclose or Bankruptcy? [ 2 Answers ]

Which is better for your credit?

View more questions Search