Relocating but need to sell a condo: I'm upside down

Asked by Akronite, Akron, OH Mon May 11, 2009

I owe more than the worth of my condo now, with a 1st and 2nd mortagage with the same lender. What are my options? I have to get rid of the house asap.

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James Gordon…, Agent, Hamilton, OH
Mon May 11, 2009
If you are relocating with a company you need to check and see what your relocation package will cover. Some companies will cover the shortfall on your current property as part of your relocation costs. Also You can always bring the money to close for any shortage between the sales price and what you owe.
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Thomas Seeley, Agent, Akron, OH
Mon Jun 15, 2009
Call your lender and ask them if you can give them the deed in lieu of foreclosure that is another possibility and if they say yes then just sign it over to them but talk with a real estate attorney to see whether your liable for whatever they dont get out of the property or we can short sale it as you already have heard from everyone...thanks and you can contact me anytime with questions
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Dee Nofziger, Agent, Toledo, OH
Tue May 12, 2009
Everyone has answered you well. First look at your condo by-laws, just in case there is an emergency clause. The owners in your association may very well approve a sub-let or lease purchase to protect their own investments, as short sales and foreclosures decrease the entire developments value. If this is strictly forbidden, then I might pursue a change in by-laws, pointing out the potential drop in value of their own condos.

Dee Nofziger
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David M. Chi…, Agent, Uniontown, OH
Mon May 11, 2009
Everyone is right. It does sound like you may need to short sale your condo to the bank which is better than letting it foreclose. I had a similar client that found a clause in his condo bylaws that allowed an emergency rent or sublet period whle he tried to sell it. A lease option purchase may work and allow you to keep up the payments while away. Good luck to you.
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Mike Walker, Agent, Akron, OH
Mon May 11, 2009
Sounds like you need to short sale the property and negotiate with your lender an amount that is less than the amount owed. If you'd like to discuss in more detail your situation, please feel free to contact me directly.

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Akronite, Home Seller, Akron, OH
Mon May 11, 2009
By the way, I forgot to mention that renting out is not allowed in the by-laws of the development.
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