Foreclosure in Freeport>Question Details

westenddi, Home Owner in Freeport, NY

I have own a coop which was destroyed in Sandy.. I would like to just walk away from the coop.. What are my options?

Asked by westenddi, Freeport, NY Mon Nov 12, 2012

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6
You may have some federal grants to help you, I would research those options.

Your coop should have I place a master insurance policy, speak to them first but before walking away you should look into a short sale or deed in lieu to settle the mortgage debt....you can't walk away from that.
0 votes Thank Flag Link Mon Nov 12, 2012
Good Afternoon. Many have been hit hard by hurricane Sandy, and you are in my thoughts during this trying time. As a native of Freeport, I know what Freeport has to offer. Are you truly sure you want to just walk away? You have options! I strongly advise that you get in touch with the Co-op board, and see what resources they can offer. For additional assistance, please give me a call at 631-384-3695

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,


De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
0 votes Thank Flag Link Mon Nov 12, 2012
If I were you and didn't want to deal with
This I would maybe ask a relative to handle it for you or sell it, it has still have a value would have to be an all cash deal. As is.

I can help you.
Call me 516-312-6245
Camille Dandola
0 votes Thank Flag Link Mon Nov 12, 2012
No value in coop. Was underwater before storm now totally underwater..
Flag Mon Nov 12, 2012
I had no flood insurance, we were advised it would be 6 months before being able to move back in. I am in no position financially to renovate entire apartment.. I love to just deed it back and move on, not sure if one can... Any attorney recommendations?
0 votes Thank Flag Link Mon Nov 12, 2012
Without much information....why simply walk away, is there insurance, what is management advising, etc.; before considering the idea consult with an attorney who specializes in real estate, see what options you may have...
0 votes Thank Flag Link Mon Nov 12, 2012
Management expects us to pay maintenance, stated approx 6 months before they are done with their work, and I would still need to add a kitchen and bathroom.. I am in no financial position to pay rent to another place, continue maint, and mortgage and then have to do renovations on top of it.
Flag Mon Nov 12, 2012
Were you insured? Why would you just walk away from property you own? Were you underwater on the payments?

More information is needed, but typically, abandoning a property can happen when you turn the deed back to the bank and allow them to foreclose. This is not necessarily your best option, but proper recommendations cannot be made without more information.
0 votes Thank Flag Link Mon Nov 12, 2012
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