Foreclosure in 33444>Question Details

Thomas Perusi, Home Seller in Collierville, TN

I have a condo in florida and I can not make payments no more. I own my first home in tn. What can happen to?

Asked by Thomas Perusi, Collierville, TN Tue Jul 15, 2008

me if I stop paying on it. I can not afford this anymore and I owe $400k on a first mortgage to wells fargo and I took a line of credit for 97k on my home in tn. I asked for help and they said they won't talk to me while I am on time. This will be my first payment in 3 years being late. The condo is not worth even 300k anymore and with the market I can not even hope to get rid of it. I am stuck between a rock and a hard place. What can they do to me if I stop making payments that I can no longer afford anyway.

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There is FREE help from the Florida Bar Association and Florida Legal Services. You can call them toll free 866-607-2187. More than 10,000 lawyers have agreed to take these cases free. They will assess your situation and talk to your lender on your behalf. Now is the time to call. Free legal help is being provided to try to reduce the number of foreclosures.
2 votes Thank Flag Link Fri Jul 25, 2008
Hi Thomas,

The first thing I would do is sit down with my bank and see what could be done. If your bank doesn't want to talk to you, go and see a mortgage broker or a mortgage lender. There are other steps that can be taken before giving up. May be a restructuring of your debts might be the answer. Most banks I know do not want short sales or foreclosures any more than the sellers. Remember that financial institutions are not in the business of owning. They are in the business of lending. At this stage, you need to think positively and creatively and avoid the opinion of nay-sayers. And please don't rely only on the opinion of one person.

Good luck.

Michel
2 votes Thank Flag Link Tue Jul 15, 2008
I would recommend doing a short-sale. We would sell your property at market and the difference can either be forgiven or left on you credit. This will depend on the banks policies. It will also depend on your financial standing.

Other companies charge a fee. We don't charge. The commission and closing is also paid by bank, so no out of pocket for you.

My team specializes in short-sales. Let me know if we could be of help.
1 vote Thank Flag Link Tue Jul 15, 2008
Herman Chang, Real Estate Pro in Palm Beach Gardens, FL
MVP'08
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Thomas, if your qualify to sell your home as a short sale you then have the opportunity to sell your home that you can no longer afford. Due to markets declining nationwide particularly hard hit in Florida, many homeowners like yourself find themself in a situation where they must sell their home to avoid foreclosure. This is exactly what a short sale can do for you: avoid foreclosure. Where in Florida is your condo located? Contact a Short Sale specialist in your area who can advise you. If your condo is in my neck of the woods, feel free to email me or call me as I'd be glad to clarify it all for you. You have choices that can help you so seek them out.

Feel free to visit one of my sites below and once there take a look at some of my other sites for additional information on short sales ( look under Useful Links)
1 vote Thank Flag Link Tue Jul 15, 2008
The bank is telling you that you must be at least two months behind on payments to consider a short sale. Your credit will suffer anyway--and if you can't make the payments, you can't make the payments. This is exactly what a short sale is!!
Web Reference: http://www.MykeTriebold.com
1 vote Thank Flag Link Tue Jul 15, 2008
We hear this story all of the time. Our team has helped 98% of our clients with the sale thru short sale. We haven gotten a yes when others have heard no. If you can not afford the condo in Florida, the way to minimize damage is to do a short sale. The short sale is like a ding in your car if you get in a parking lot versus a foreclosure being more like being in a crash on an interstate. Go to our websiite for more information at treugroup.com or call us. A few minutes on the phone and we'll see if we can help you. The best news is it doesn't cost you anything.
Web Reference: http://www.treugroup.com
0 votes Thank Flag Link Sun Apr 25, 2010
If they would not modify then you would have to do a short sale
Web Reference: http://mypbchomes.com
0 votes Thank Flag Link Fri Dec 4, 2009
Debtors Prison: The transportation to the Penal Colony of New South Wales, Australia
0 votes Thank Flag Link Wed Oct 29, 2008
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