Foreclosure in Milwaukee>Question Details

Tracy, Home Owner in Milwaukee, WI

I need to move from my condo as soon as possible. I have no desire to rent it out or the time to try to sell it. Can I give it back to the bank?

Asked by Tracy, Milwaukee, WI Wed Mar 16, 2011

I am 10yrs into a 30yr fixed rate mortgage. So far I have not been late or missed a payment. I know my credit may be negatively affected. If I allow it to go into foreclosure, what happens with condo association dues?

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8
Hi Tracy,

My direct email is asutton@forevermorehome.com.

Regards,

Andrew J. Sutton
0 votes Thank Flag Link Wed Mar 16, 2011
After foreclosure the bank owns the condo.. homeowners association fees go to the owner..


If you are even close to considering this as a serious option, you need to talk to an attorney!!!
0 votes Thank Flag Link Wed Mar 16, 2011
Hi Tracy,

I would be interested in purchasing the property. Please provide me with the details, current balance, # bedrooms, # bathrooms, address and condo fee. We can discuss the other details offline.

Sincerely,

Andrew J. Sutton
Forevermore Home, LLC
Toll Free: 888.857.7773
M: 301.775.1530
O: 240.312.3429
F: 240.266.5606
0 votes Thank Flag Link Wed Mar 16, 2011
Tracy, what is your reason for moving? Have you talked to your lender about your situation? I'd suggest you consult an agent experienced in short sales to discuss your situation and consider a short sale.
0 votes Thank Flag Link Wed Mar 16, 2011
You can not give it back to the bank unless they accept it. As Troy points out, you should have enough equity so that a foreclosure or short sale won't be necessary. Even if you have a ton of equity, your bank is unlikely to accept it. They'd rather have you sell it. But, a phone call to their loss mitigation department would be a good first step in finding out!
Good luck!
0 votes Thank Flag Link Wed Mar 16, 2011
Why would you let this property go to foreclosure and ruin your credit? You can do a short sale and keep foreclosure off your credit. We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Wed Mar 16, 2011
Tracy you would still be responsible for the condo fee until the day the bank filed a deed taking ownership voluntarily or by foreclosure. Letting your condo go into foreclsoure can affect your credit for the next 10 years, it could affect your ability not only to buy a home but buy a car, get insurance or a credit card.

If you have to sell and owe more than your condo is worth, you would be better off to sell it through a short sale which is much less harmful on your credit and financial picture. You would need to hire an agent who is well experienced in listing short sales to guide you through the process.

Please see my blog for an intro to short sales with tips and advice.

Good luck working things out
0 votes Thank Flag Link Wed Mar 16, 2011
Tracy,

You will definitely want to seek the advice of an attorney for your question.

Please realize though you don't need to be here to sell. A local Realtor can take care of everything for you if you need to re-locate and you would not have the negative impace of a foreclosure. If you've got 10 years into your mortgage you should have adequate equity built up that you can offer the condo at a very competitive price to sell quickly...again with no hit to your credit.

Please let me know if you would like a market analysis prepared for your home which will not only show what similar properties have sold, but also time on market.
0 votes Thank Flag Link Wed Mar 16, 2011
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