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Posted: 11/3/2009 8:13:53 PM EST
A friend of mine has a condo that she owes $105 on. 2bd/2ba/1,500sqft. Excellent schools and part of town. However the market has driven down the average selling price in that subdivision to about $90K. She moved home with her parents as her mother is sick and out of work and her father is struggling (both are in their late 60's) to pay the bills. Both are in bad bad health, cancer x2 and fibro mialgia.

She wants out of the house and asked me what happens if she just quit paying the mortgage?

I would assume it would be similar to a car repo, where what you owe on the note - what the bank sells it for = the difference/what you owe the creditors?

Can anyone explain to me how a foreclosure works? She is not too concerned with credit, but just wants to get rid of the condo and will most likely live with her parents until they pass and assume residency there.
Link Posted: 11/3/2009 8:15:34 PM EST
The worst part is when a "Representative of the Bank" breaks into your home, tearing shit up, knocking holes in walls, etc., to winterize your home and put it on lockdown...which you will be liable for.
Link Posted: 11/3/2009 9:02:45 PM EST
So, she is willing to Jingle-mail the keys over $15,000. That's pitiful. Stupid too. We all have our price, but that is way- WAY too low a number.

Tagged for the answer.
Link Posted: 11/3/2009 9:17:45 PM EST
It will take a while for forclosure to run its course.
How long depends on the lender, state laws, etc.
It could be a year, it could be less.

Why doesnt she rent it? Or, call the lender and try
to work out a short sale, or anything to not get a damn
forclosure on her credit. In some cases its the only
option, but exhaust other avenues first.
Link Posted: 11/3/2009 9:20:53 PM EST
she needs to try for a short sale without recourse or a voluntary foreclosure without recourse before she just mails them the keys. This is assuming she cannot come up with the money to pay the difference.
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