I am trying to sell my condo at rock bottom price similar to the shortsale prices in my building.

Asked by R. Davis, Miami Beach, FL Tue Apr 21, 2009

However, nobody is buying in that building because of the bad reputation and problems the building has.
Once in a while there is a short sale. 401 BLU Miami Beach
I am behind 2 month with hoa and mortgage and just want to get rid of my condo. I got laid off and have
to walk away and was refused modification. Rental wouldn't cover the expenses.
I don't owe any other monies but that mortgage. What will happen to me if i don't sell and just walk
away because i will not file bankruptcy. Any idea? I know my credit will be bad. But can i own a car?
Will anything be taken away from me? This is really hurting me because i put 45% down in 2004 and will
loose all that. I know i could do a short sale and i will try that next, but like i said my building
is in bad financial shape and nobody wants to buy there.
Really, what will happen to me if i don't file bankruptcy at the end?

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blaison samuel’s answer
blaison samu…, Agent, Santa Clara, CA
Tue Apr 21, 2009
semia,

I'm not sure whether you are working with any realtor or not. If not you really need an experienced short sale agent who knows how to do short sale. If it doesnt sell then it will foreclose, the bank takes your house but they will not take your car or other personal items. But, you need to check your state law and also whether your loan is recourse or non recourse loan.

You already missed 2 payments so it's better you work with an experienced short sale agent who can help you. Consult with CPA or attorney for your situation, you will not a clear answer over here.

If you don't have any other credit balance other than mortgage then you don't have to file bankruptcy. Again consult with an attorney because I'm not a CPA or attorney.

Blaison Samuel
Certified Short Sale Specialist
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