Foreclosure in 33617>Question Details

homeown, Home Owner in 33617

Do I must hire an attorney for strategic default?

Asked by homeown, 33617 Tue Dec 18, 2012

I have a condo in Tampa (Hillsborough), it is 30k underwater. I owe 86k on this condo.
I have only one mortgage on this condo. I don't own any other property.
I am thinking about strategic default from next month. I had to move out of FL for employment reason; hence that is my financial hardship. I have a job now and I am renting.
I talked to a few short-sale agent who told me that they are working with a lawyer and I don't have to pay them anything. They will eventually charge the bank . Sounds like a deal too good to be true. Please leave your feedback.

Do I must hire an attorney for strategic default who can fight against any deficiency judgement?

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Answers

4
Homeown, based upon your questions, yes, you would be best served to hire a professional.

The information provided in this forum is excellent in nature, however, to conduct business with such serious financial consequences would be best serve working with a real estate professional.

It is up to you to decide and select the professional(s) with whom you entrust to do their professional best on your behalf. As a principal in the transaction, the success will be dependent upon your cooperation and participation in the it. Successful closure requires all interested parties to work together.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com

If you would like to search the MLS like an agent, visit our website and sign up for your free Listing Book account. This powerful search program allows you to set up your personal homefinder criteria and save your favorite homes, follow recent solds all in real time! Find the home you’re searching for quickly
0 votes Thank Flag Link Sat Jan 5, 2013
You do have several options. However it is impossiable to give advice with out more information. it really goes back to : are you current ? could you rent the condo for the amount of the pymt or close to it ? what is the rest of your credit like ? your other debts ? personal savings ? long term plans ? how many yrs have you owned it ? how many yrs left on the mtg ? do you plan on moving back to the area ?
Once you are able to answer these type of questions you will find the right answer. Most agents of lawyers who can work with you and charge the bank the fees.
My biggest concern is it is only $30,000 With RE increasing in value you could only be 5-7 yrs from being being back to even.
If you have any questions you contact me ronniebramer@gmail.com
0 votes Thank Flag Link Wed Jan 2, 2013
Homeown,
I'm not certain you understand the purpose a 'strategic' default. The window of opportunity for this to be beneficial to you has long passed. You preference towards a strategic default is the choice of a very HIGH RISK, potentially costly option when a much less risky if available via more conventional process are available..
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You report you have talked with several agents who shared with you the options you have...the options presented are 'no cost' options supervised or executed by an attorney.
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I am puzzled why you are trolling for more opinions on the internet. Time is not your friend. You need to contact one of the agents with whom you have already consulted and get moving towards a solution. Your situation is not uncommon or is the least bit unusual. Delaying action can turn a simple issue into a crisis. Call one of the professionals with whom you have consulted and get moving. As long as you have time, you have options. So call someone today.

Best of success in solving your problem,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Dec 19, 2012
A short sale is going to do as much damage to your credit as a foreclosure, it just feels better knowing that you may have helped the bank make more money. You definitely want to consult an Attorney when doing a short sale so that the lender doesn't come after you for any deficiencies.

If a Realtor helps you with the short sale, in most cases, the bank will pay their fee. However, if the bank does not pay their fee, you might have to. So, make sure that the contract states that you don't have to. You'll also have to check with the Association to make sure they don't come after you for any deficiencies.

Have you thought about renting? Most HOA's don't allow renting but if they are faced with another foreclosure in the complex, they may reconsider. Every time someone defaults on the condo, the remaining tenants have to make up the difference on the shortage of the dues (in most cases). Talk to the owner's and ask them to find you a renter so that their value doesn't go down. You may be able to find someone with bad credit looking for a place that they can lease purchase until their credit gets better.

The market is coming back slowly but it's coming back. Try to hold off as long as possible. If you end up with a short sale, you won't be able to buy again for 3 years from the sale date. The lender may also agree to modify the loan to a point that is affordable for you to rent the unit to avoid foreclosure. You do not have to be late on the mortgage in order to modify the loan, you just have to be insistent (keep at them).
0 votes Thank Flag Link Tue Dec 18, 2012
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