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Old 11-02-2012, 02:13 PM
 
1 posts, read 845 times
Reputation: 10

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I own a condo which I rent out in Oakland, CA in good neighborhood. The rent is $1100, its rented out till July 2113. My negative cashflow is $700/month. I live outside the USA right now. I can show hardship.

Mortgage 235k
Value 135k
Bought in 2005 for 340k
Loan adjustable 30 year by bank of america

Should I short sell, foreclose, keep it?
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Old 11-02-2012, 08:39 PM
 
Location: MID ATLANTIC
7,610 posts, read 17,689,040 times
Reputation: 8107
Your first step is to contact Bank of America and see what options they can offer. This will require persistence. If you remember anything from this post, call them and call often. You probably will get different answers with every call. Don't hesitate to speak with a supervisor.

If this was ever at one time a primary reisdence, be sure to mention that. If you were transferred, changed jobs, be sure to mention it.

I recommend you get legal and accounting advice before you do anything. The Homeowner Forgiveness Act expires the end of this year. Even if the bank started the foreclosure process today, the foreclosure would not be concluded by the end of the year. (I'm not even sure the Act would protect you since you are not living there). Why does this matter? You could be on the receiving end of a 1099 or a judgment for any deficit. Obviously, not living in the US, there's a limited amount the creditors could do, except to make future credit hard to obtain. It's pretty simple to get a mortgage after BK or a FC (if you wait the required time and keep your nose clean), but with an existing judgment or an IRS lien? Next to impossible.
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Old 11-03-2012, 05:53 PM
 
Location: The Triad (NC)
26,927 posts, read 58,138,086 times
Reputation: 29424
Quote:
Originally Posted by wanttosale123 View Post
I own a condo which I rent out in Oakland, CA in good neighborhood.
The rent is $1100... negative cashflow is $700/month.
This isn't an investment property.

Quote:
Should I short sell, foreclose, keep it?
You should have short sold before you left town.
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