What to expect after bank auctions off an investment property?

Asked by Mony, 95674 Fri Mar 28, 2014

I've recently been turned down for a short sale AND a deed-in-lieu for a property I own in Rochester, New York.
This is an investment property I owned for over 8 years, and was rarely able to collect rent on it. It was poorly managed by several mgt companies, but essentially it's in a bad area, where tenants don't pay rents consistently, and section 8...well - section 8 doesn't really work does it...
At any rate I basically stopped paying mortgage payments on it about 2 years ago, as I was bleeding cash.
The property is worth about 40K, I owe about 33K, and have late fees in the 20Ks.
The bank will not let me do a short sale nor a deed-in-lieu, so the question is whether I have any options at all now, and if not - what to expect once the bank auctions off the property ?

Thanks for your input!

Help the community by answering this question:

+ web reference
Web reference:
Search Advice
Ask our community a question

Email me when…

Learn more