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Asked by Joanne, West Sacramento, CA Mon Jan 5, 2009

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Answers

8
Ute Ferdig, Agent, Newcastle, CA
Mon Jan 5, 2009
Hello Joanne. No, there's is no template letter that I am aware of. It sounds like you are not behind on your mortgage, but you don't want to live in that neighborhood anymore because of the high crime rate and the problems that you have experienced there. I would recommend that you speak to an attorney before you decide to abandon the property as abandonment can have unpleasant consequences as abandonment can be considered an exception to the anti-deficiency rules that prevent the bank from getting a deficiency judgment after a non-judicial foreclosure.

Another thing you have to know is that a 30-day vacancy will mostly likely void your home owner's insurance as most home owner's policies are based on the assumption that the property will be occupied and they contain a clause that the insurance will lapse if the property is unoccupied for 30 consecutive days. Since you have already been the victim of burglaries, letting your home owner's insurance lapse as a result of leaving the property unoccupied for more than 30 days is not advisable as you are responsible to maintain insurance as long as you own the property. That's part of the obligation you took on when you signed the mortgage papers.

Again, my recommendation would be to contact an attorney who is familiar with foreclosure and real estate issues. You can e-mail me for a recommendation of a knowledgeable attorney.

Best regards,
Ute Ferdig
916-751-1267
1 vote
Sue Archer R…, Agent, Palm Harbor, FL
Wed Jan 7, 2009
Sorry, I just had to check in again. The Nonrealtor brings up an interesting point that I can't ignore. If this is a bad area, it's still a good area to someone, but both the seller and the realtor who lists the home must disclose anything that they know about the property, in order to prevent any litigation after the fact.

I'm sure that the neighborhood issues are what have brough the home to a lower price point, and a savvy investor will know that's why the home is priced where it is.

Any buyer's agent will encourage a buyer to review crime statistics, talk to neighbors, review the Clue report (that would show any insurance claims against the property),....anything related to the property that might be relevant in the decision to purchase the property.

Please don't consider misrepresenting the property to 'unload it' on someone else. Another respondent was interested in talking about purchasing it already, weren't they? Mr. Nonrealtor, I'm not saying that's what you were suggesting, but there was a hint of that strategy so I wanted to comment on it.
Web Reference:  http://www.suearcher.com
0 votes
NonRealtor, , 23456
Wed Jan 7, 2009
It sounds frustrating but you should try to sell the house. Chances are, there is someone that is more naive than you, that is willing to buy the house. Good Luck
0 votes
Debby Thomps…, Agent, Wauwatosa, WI
Wed Jan 7, 2009
You really need to talk with your lender. That is right they may not let you just walk away from the home. There is a company called Titanium Solutions that might be able to help you. I also do work for them helping home owners in your situation. They have agents all over the country that work with home owners to resolve their current situations.
0 votes
The Hagley G…, Agent, Pleasanton, CA
Wed Jan 7, 2009
The site below can answer a lot of your questions on short sales...good luck!
0 votes
Allison, Both Buyer And Seller, Los Angeles, CA
Mon Jan 5, 2009
Before you walk away, please shoot me an email and we can talk about whether or not you want to sell your house to an investor, myself. My email is allyb02@gmail.com or you can call me at 213 484 1171,
Thanks, hope to hear back from you.
Ally
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Mon Jan 5, 2009
I have a similar situation on an investment property I own, and while it seems easiest to just hand the deed over, they may not let you. The person you need to talk to is your lender and ask to speak to the loss mitigation department about the situation.

They may require that you try to short sale the property first.

If you decide to just abandon the property, the city or county can still cite you for any violation of civil codes of abandoned properties, so it's not as easy as handling over to your lender, and will be the worst for your credit as well. So while it seems easiest for you, abandoning the property will not relieve you of responsibility without your lender agreeing. And the question, why would they? They're a national company and not local. Where they would have resources to resolve it better than you?

I would suggest you shortsale the property, or at least attempt to. I would also suggest you contact your local police department to discuss what else you can do to secure your property. If you show the lender that you've tried to resolve it, then they might agree to accept the deed in lieu of foreclosure. Ask them what their specific policy and I'd love to hear what they tell you. Every lender is different in their policies.
Web Reference:  http://www.suearcher.com
0 votes
Beth Moran, Agent, Citrus Heights, CA
Mon Jan 5, 2009
Since you want to turn in your keys I would suggest calling the bank who holds your loan and tell them you want to mail them the keys. Odds are that they will get someone on the phone who can talk to you about your situation.
Good luck.
0 votes
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