Posted by Bill H on April 15, 2003 at 20:17:43:
In Reply to: texas bad mortgage want out posted by lily on April 15, 2003 at 19:22:17:
: Hi, some help in Texas will be appreciated. I got laid off a month ago which is ok considering that I plan to go back to school in the fall. I have savings that will be enough to go through school for one year, but not if I keep paying the mortgage on my luxury condo. Current market value of condo is about equal or a little over the total mortgage due. I don't want to lose any money for selling the place. I need the money for school. But the bank would not let me refinance (which would lower monthly payment by $500 at current interest rates) because technically I have no income. I want out of the condo unless I can refinance. I don't care about my credit. I never want to own again unless I can pay cash. I just want to keep my savings to pay for school. Will the bank go after my savings and personal possessions if I walked away from the condo? Please help!
If you are current and., the condo is worth more than the balance of the loan why not offer them a Deed in Lieu of Foreclosure. This is your way of telling them that you intend to walk away and it is in the best interest of all that they accept to avoid foreclosure, etc. They have the right to accept or reject the offer.
Try and convince them that it is in their best interest as you no longer desire homeowership and have every intention of walking.
Good Luck
---------->Bill
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