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.
Brock Realty Inc.
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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 firstname.lastname@example.org
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..
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.
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
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).