Foreclosure alternatives reality- need help (Illinois)

Posted by SPE on April 06, 2004 at 12:14:04:

I purchased a pre-construct loft condo in the Hyde Park area of downtown Chicago in March 2000 for $226,000 (with parking). Construction was completed and I closed in July 2001. I purchased the proerty in joint tenancy with my girlfriend at the time and soon thereafter we split up.
I lived in the condo for a year and placed it on the market for sale. After 9 months on the market I recieved an offer for $236,000 (Feb. 2003). Unfortunately, the sale fell through due to the bank that my buyer was using contesting the appriased value. The bank was a small internet bank that required the minimum of two comparables within the condo building itself. I have the developers premier unit and, as it was a fairly new development, nothing of my unit size had sold previously. My Buyer then lost his job but he and his wife have been renting (with the option to buy) it and paying on time until now.
I no longer live in Chicago. I became unemployed and it took 8 months for me to find a job- a job that required relocation to miami.
My Tenant/Buyer's wife recently left him while he was out of town and took all their savings. He is on a month to month right now so he will be moving.
I currently owe around $206,000 to the mortgagee. What is the chance they will accept a Deed in lieu of? If not, how are banks about accepting a consent foreclosure? I believe these are my only options to stop and subsequent judgements for the spread between a foreclosure auction price and the amount owed.
Any Ideas? What do I do about the ex-girlfriend- she no longer lives in Chicago and I hold a POA to sell the property. I doubt she has the ability to anty up and pay and may have to accept foreclosure.
Also, to make matters worse, the developer screwed up and the association is in the process of suing them for moneys to fix facade work and balcony work that neds to be done. However, in accordance with Chicago Building Codes the work needs to be done before that suit is likely to end. Therefore, I will have a special asessment of approximately $8,800 levied soon.
Between the mortage payment, assessments and soon to be special assessment I do not have the means to keep the property. I do not desire to keep the property.

Follow Ups:

• Re: Foreclosure alternatives reality- need help (Illinois) - TheShortSalePro 13:27:41 04/06/04 (1)
  • Re: Foreclosure alternatives reality- need help (Illinois) - SPE 13:32:19 04/06/04 (0)

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: I purchased a pre-construct loft condo in the Hyde Park area of downtown Chicago in March 2000 for $226,000 (with parking). Construction was completed and I closed in July 2001. I purchased the proerty in joint tenancy with my girlfriend at the time and soon thereafter we split up. 

: I lived in the condo for a year and placed it on the market for sale. After 9 months on the market I recieved an offer for $236,000 (Feb. 2003). Unfortunately, the sale fell through due to the bank that my buyer was using contesting the appriased value. The bank was a small internet bank that required the minimum of two comparables within the condo building itself. I have the developers premier unit and, as it was a fairly new development, nothing of my unit size had sold previously. My Buyer then lost his job but he and his wife have been renting (with the option to buy) it and paying on time until now. 

: I no longer live in Chicago. I became unemployed and it took 8 months for me to find a job- a job that required relocation to miami. 

: My Tenant/Buyer's wife recently left him while he was out of town and took all their savings. He is on a month to month right now so he will be moving. 

: I currently owe around $206,000 to the mortgagee. What is the chance they will accept a Deed in lieu of? If not, how are banks about accepting a consent foreclosure? I believe these are my only options to stop and subsequent judgements for the spread between a foreclosure auction price and the amount owed. 

: Any Ideas? What do I do about the ex-girlfriend- she no longer lives in Chicago and I hold a POA to sell the property. I doubt she has the ability to anty up and pay and may have to accept foreclosure. 

: Also, to make matters worse, the developer screwed up and the association is in the process of suing them for moneys to fix facade work and balcony work that neds to be done. However, in accordance with Chicago Building Codes the work needs to be done before that suit is likely to end. Therefore, I will have a special asessment of approximately $8,800 levied soon. 

: Between the mortage payment, assessments and soon to be special assessment I do not have the means to keep the property. I do not desire to keep the property.





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