Need to unload Mich condo, pd int only, tried to sell 2 yrs, cant afford, need to foreclose, help?

Do we just stop making mortgage payment? Should we ask lender if they will just take property back? Can they come after us for more $ after foreclosure? How can we speed up process. We never moved into this condo because we couldn%26#039;t sell our first home., so are paying mortgage pymts on both. The condo has been listed with realtor for $30,000 under what we paid and still no offers. Have had to put property taxes on credit card. We are in our mid 50s and cannot afford to go any further in debt. We know our excellent credit will be ruined but feel foreclosure is our only option so that we do not keep pouring thousands into this property that we can never recoup. We just want to get on with our lives and dig ourselves out of debt.

Need to unload Mich condo, pd int only, tried to sell 2 yrs, cant afford, need to foreclose, help?

what about renting one of the homes? I mean even if it doesn%26#039;t cover the mortage it will lighten the load. if your condo is foreclosed on a lien could be attached to your home you%26#039;re really screwed either way I%26#039;m sorry to point that out but if you go on craigslist you could rent rooms of your house and rent the whole condo. then you should be covered on at least one mortage payment. and keep it until the market is better

Need to unload Mich condo, pd int only, tried to sell 2 yrs, cant afford, need to foreclose, help? loan

Yes a lender can take a property back..it%26#039;s called a %26quot;Deed In Lieu of Forclosure%26quot; The bank can put a lien against you personally for the difference in the price they lose. They usually don%26#039;t but recently I had it happen to one of my clients.

Have you tried to rent it out? Would the house sell quicker if it were priced right and werre empty? Maybe you should move into the condo because houses sell quicker! You can file bancruptcy against the condo. In most states u r allowed to keep 1 house and 1 car. Call your lender and talk to them about your options. They should have a work out department that handles just these types of issues, you are not alone..there are thousands of people in your shoes right now!

Good luck!|||I hate to be the one to tell you, but when they don%26#039;t get all of their money back, they%26#039;re going to slap a lein on your 1st house and force foreclosure on that too.

How about you find a renter to pay all or most of the mortgage payments.

Consider a lease-option, then you can get your asking price.|||Call your lender and ask to speak with someone in the loss mitigation dept. There are a few options available to you. (Refinancing, Forbearance,Deed in Lieu of Foreclosure, Short Sale, Refunding)

You could also rent/sell the house and move to the condo if it is less expensive. It might be easier to sell the house depending on its location.

Prior to making any final decision, contact a professional tax advisor as there are serious tax and credit consequesnces to all of the choices.