1. Free Legal Help, Legal Forms and Lawyers. TheLaw.com has been providing free legal assistance online since 1995. Our most popular destinations for legal help are below. It only takes a minute to join our legal community!

    Dismiss Notice

Foreclosing on condo

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by Katrn05, Jan 9, 2009.

Thread Status:
Not open for further replies.
  1. Katrn05

    Katrn05 Law Topic Starter New Member

    Messages:
    3
    Likes Received:
    0
    Trophy Points:
    0
    I am trying to get my bank to agree to a short sale of my condo. I purchased it over a year ago for 155,000 and it's on the market for 150,000. I have had several potential buyers but their real estate agents have all stated that my condo is not worth what I am selling it for. I have sent the appropriate paperwork to the bank via my real estate agent. If they do not agree to a short sale, I'm afraid I might have to foreclose. How do I foreclose on my home? And what do I do in regards to the condo association dues?
     
  2. dee_dub

    dee_dub Moderator

    Messages:
    2,127
    Likes Received:
    298
    Trophy Points:
    83

    You don't foreclose on your home. The lender forecloses on it. If the lender does not agree to a short sale, they may still agree to accept a deed in lieu instead of foreclosing. You might wish to present that option to them.

    Keep paying your condo dues if you can. If you default on them, the condo association may seek to recover in court.
     
    Katrn05 likes this.
  3. Katrn05

    Katrn05 Law Topic Starter New Member

    Messages:
    3
    Likes Received:
    0
    Trophy Points:
    0
    Thank you for the clarification. I will ask about a them accepting a deed in lieu. When the bank takes possession of the condo, do I then stop making payments towards the condo association?
     
  4. dee_dub

    dee_dub Moderator

    Messages:
    2,127
    Likes Received:
    298
    Trophy Points:
    83

    Yes. When title passes, the new owner becomes responsible for all future condo fees. You will not be absolved of any fees you already owe.
     
    Katrn05 likes this.

Share This Page

Thread Status:
Not open for further replies.