Foreclosure/Short Sale advice…?
I bought a condo 2.5 years ago in Michigan. The economy is so bad here right now and property is not worth what it was. I owe more then it is worth. I did an interest only, 0 down mortgage. I want out. I am about to be done with college and I think I may want to move out of state. I am very behind in my condo assoc. dues and they sent me a notice of lien. My place has been on the market for two months and I have only had one showing and they said that it was over priced, ha. I am trying to do a short sale. If that doesnt work that I want to try a deed in lieu (the place has to be on the market for 90 days from them to consider it). What I want is advice. I really don’t want to screw myself with having a foreclosure but If the short sale doesnt work and the bank does not accept the deed in lieu, I may have to do foreclosure. Is this Lien going to hurt my plan? Any advice?
The condo association lien will just make the buyout a little more expensive, whether that occurs when you sell or when someone buys it at a foreclosure auction. In this housing market your chances of a deed in lieu are probably not very good. Banks already own so many houses and really don’t want more, though if you are a high foreclosure risk they might consider it. My advice is to accept ANY offer you receive that you feel the bank might accept. From their point of view a short sale is probably better than a foreclosure auction. And ANY option is better for you than foreclosure.
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