Foreclosure University Forum


Can't afford second home (condo)

by foreclosureuniversity ⌂ @, Thursday, June 04, 2009, 20:07 (3757 days ago) @ vetboy

� My son and I co-own a condo and owe about $150,000 more than it's worth.
� How can we get rid of it>

You've got several options at this point as a homeowner. So it really depends on what exactly you want to do. Because it's become so hard to qualify for loans anymore, sellers are now carrying the financing on their properties. In essence they are selling them "subject to" the existing mortgage. The challenge you might have is that no one wants to take over a property that is $150,000 upside down. You might try to rent it for the time being until the market turns around. You could try to do a loan modification and get your payments lower so you can rent it out. You can do a "friendly foreclosure" or deed in lien foreclosure where you give the property back to the bank. This works well if there is only one mortgage on the property. The last thing you can do it try to do a short sale on it. You can either find a good agent or investor to help you with this. If you go this route, make sure you find someone who is seasoned with this because there are some things they can do to make sure you don't get a deficiency judgment against you. You can learn more about these options is you click on this link.

Good Luck

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