What should I do…VERY WORRIED!!!!!!?
I have had a condo for the past 7 years…always paid my mortgage and condo fee on time…A1 credit…well last year I became pregnant and had a little girl in Dec 2010…before having her I try to sell my condo for over a year and no luck…so right before I had her, I had no choice but to move, because I would not be able to afford my 1 bed 1 bath condo and the expenes of having a child (daycare, pamper, formula, etc…my condo fee when i first moved there was only like 200, now it’s $579…I have now moved to a 2 bedroom 3bth rental townhouse (which is less than the condo) and got a roommate to help with my every day expenses…my condo has been up for a short sale since dec and had to drop the price over 82,000 to sale…but all interested individuals has turned away because of the high condo fee…I just don’t know what to do…it’s all utilities included, but still 579 is expensive for a condo fee, which if anyone who buys it, their mortgage would be less…i could see if it was a luxury condo, but they are old and were built in 1970’s and management is terrible…i would attend the home association meetings, and they would say we are behind in water bill 30,000 and we behind in our electric bill 40,000…im sitting trying to figure out where is the money going…I’m scared it’s going to go in foreclosure, and I really do not want that to happen..I also work for the federal gov for 13 yrs, and looking for a new job within the government, and I’m so worried they will do a background check on me, and see I’m behind in my mortgage…I worry everyday about this, but had no choice but to move since I couldn’t afford it anymore…I just pray that someone will buy it ASAP…
I have done everything to promote, by saying all utilties included, stainless steel, up-to-date condo, etc…I didn’t have no choice, I couldn’t afford it with my baby…so for you to say that i just walked away from my responsilbities is a low blow…I DIDN’T have a choice…I’m very responsible and all my other bills get paid on time EVERY month…I’m really stuck…been trying to sell for almost 2 yrs now..and the condos in the complex over 50% is already in foreclosure…
The REALTOR that you selected to list your Condo for sale will be your best source of information.
Unfortunately, If 50% of the units in your complex are in foreclosure, it will be very difficult for a new buyer to get financing.
Also as a Short Sale, most short sale lenders take a very long time (months) to approve a Short Sale.
With respect to the background check, I recommend that you keep your other payments current.
There are many good people in your position with short sales. Very likely the best that you can do is keep your other payments current and try to show that the short sale was due to the problems that we are currently having with our economy.
Since the condo fees include utilities they do not sound high to me.
I would promote that aspect when selling.
Your choices now are to either repay the loan, foreclose on the loan or convince the bank to take the deed in lue of foreclosure (doubt it).
You are correct, if your employer does a background check as sees that you are trying to steal all of this money from the bank you may lose clearances and of course your job. But it was your choice to borrow money and then refuse to repay it. You have to accept consequences of your own actions.
References :
Get a lawyer and sue for the outlandish condo fees that make it impossible to sell your condo.
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The REALTOR that you selected to list your Condo for sale will be your best source of information.
Unfortunately, If 50% of the units in your complex are in foreclosure, it will be very difficult for a new buyer to get financing.
Also as a Short Sale, most short sale lenders take a very long time (months) to approve a Short Sale.
With respect to the background check, I recommend that you keep your other payments current.
There are many good people in your position with short sales. Very likely the best that you can do is keep your other payments current and try to show that the short sale was due to the problems that we are currently having with our economy.
References :