Foreclosure in 76054>Question Details

Inthesummert…, Home Seller in 76054

Foreclosure date is set for my condo in Texas. I moved to Seattle a couple of years ago to maintain a job. My condo has been rented during this

Asked by Inthesummertime, 76054 Sun Jul 11, 2010

time however, I got behind on payments/taxes due to not being able to rent at full market value. I've tried countless times to negoioate with BOA with no success. My concern is now - I have two loans - 80% with BOA, 20% with Citi, and then there is HOA dues. What happens if I let this go to foreclosure? Will Citi and my HOA hit me up for fees as well? At this point, I doubt seriously I'll be returning to Texas. The renter had been interested in purchasing however, was unable to get financing. I want to walk away just to alleviate all the un-needed stress but not sure on the complexity of my situation that is the best thing to do. Any insight would be appreciated.

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Inthe -

If you are behind on your taxes, both mortgages, and HOA dues, it is very unlikely you will be able to work with the bank to get everything back on track. You should list the property with a local REALTOR as soon as possible.

I assume you are continuing to collect rent from your tenant so you will need to work something out with the tenant in return for allowing the property to be shown by agents.

No matter what course of action you take, Citi will look for deficiency recovery from you unless you can get that relieved in a short sale (highly unlikely). As for the HOA dues, the HOA can (probably has already) place a lien on the property so they get satisfied at any closing. As for Taxes, they will get satisfied when the property closes by one of multiple ways; 1) you pay them; 2) the lender (BOA) pays them; 3) the Buyer pays them.

BofA will work with you, but Citi likely will not except through a short sale. A short sale has less impact on your credit than a foreclosure.

I would check with an attorney and explore options there as well. YOu may find you need to file Bankruptcy (on advice of counsel only) to rid yourself of the deficiencies.

Best of luck to you,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage as it is not beneficial to the Seller or the Buyer, but only to the Agent.
888-391-5245 Direct Cell
1 vote Thank Flag Link Sun Jul 11, 2010

If its not to late I could aim you in the direction of an excellent real estate attorney.

Keller Williams Realty
Real Estate Consultant 3x US Army Vet.
Joseph Fernandez
cell: 817-975-7258
off: 817-635-1157
0 votes Thank Flag Link Mon Dec 3, 2012
Talk with an attorney.
They will come after you for the deficiency and taxes related.
Talk with a CPA regarding same.
I would try to sell it as a short sale. It would demonstrate some integrity. Walking away from your problems will only create more problems.

You are the one that bought the one made you do it, right? So do the right thing and try to sell it as a short sale.
0 votes Thank Flag Link Thu Jul 15, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
BOA is a nighmare to deal with. A short sale may or may not be a good option. It would depend on your income, expenditures, assets etc.

If you want to avoid the foreclosure, make sure that you are on top of the HOA dues, because as you may know, HOAs can foreclose on your property before the bank does.

If you want to go the short sale route, let me know if I can help. I am local. Also, you may want to try selling the place to an investor with the tenant in place. I'll be happy to discuss options with you.

0 votes Thank Flag Link Thu Jul 15, 2010
Try a short sale - BofA is getting much better. go to (BofA short sale system) and initiate a short sale. Find a local REALTOR who specializes in Short Sales and is HAFA Certified.

Best of luck,

Thom Colby
0 votes Thank Flag Link Wed Jul 14, 2010
Posting an update as an answer as I'm not too familiar with how to update otherwise. Actually HOA and Citi Mortgage is up to date except for this current month - pending the foreclosure. Taxes were behind previously however BOA paid those earlier this year (I'm guessing in hopes of recouping some funds later) - being this went into foreclosure status in Oct. 2009.
I have been collecting rent from the tenant however only to cover the Citi note and HOA - not BOA funds.
The tenant is aware of the situation and there is an exsiting lease so I would suspect the tenant has some protection on being evicted.
I've tried on literally countless occassioins to work with BOA to no avail. While keeping the property would be ideal in some scenarios - I suppose at this point - it may all be a wash. I doubt a short sale is likely at this point however, I suppose I can check that option out while looking into bankruptcy.
0 votes Thank Flag Link Wed Jul 14, 2010
First of all dont get panic. You need to contact your bank BOA and let them know your situation, they will help you because if you will go to foreclosure they will loose a lot of money.

The second normally will get wiped out if you stop paying it, they will offer you some funny anount like: pay us only 10% of the amount and you'll be good to go.

Just dont go into foreclosure. worse case scenario is to short sale your property through a local real estate agent.

Good luck
0 votes Thank Flag Link Sun Jul 11, 2010
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