If You’re Not Interested in Keeping a Condo and You’re Current on the Payments, What Options do You Have?

People who are desperate to hold onto their homes but are behind on their mortgages have foreclosure to fear, and there are a number of programs available to help them keep their homes. However, what happens when you’re not interested in keeping a property? If you own a condo and you’re ready to get rid of it, but you’re not behind on payments, the best option you have is to sell it. The market has begun to bounce back a bit, so you might have good luck selling a condo that’s in a good location and excellent condition.

If you can’t sell that condo, you still have a few other options. Maybe the price is too high and you aren’t able to get the price you need to satisfy the amount you still owe on your mortgage. In that case, you can try to get rid of the condo in a short sale. You’ll need to get approval from your lender, but the fact that you have kept up with your house payments will work in your favor.

When a short sale doesn’t work out for you either, you can offer a deed-in-lieu of foreclosure, in which case you transfer the property and its value back to your lender. You’re basically giving up the condo so you won’t have to make payments on it anymore. This will also require approval from your lender, so talk to a representative from your mortgage company before you make any decisions.

When you’re current on your payments, your lender should have every incentive to work with you. Talk to an experienced real estate attorney who specializes in foreclosures and short sales. If your lender is uncooperative and you still want to let go of the condo, it might make sense to stop making your mortgage payments.

Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 866-200-4646.

The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.