are free of the burden of the Property. Interest continues to tick, real property taxes continue to accrue, utility taxes must get paid as well as various homeowner association fees. Sometimes the best thing to do is just give the Property back to the Bank or in the alternative to sell the Property even if it is for less than what you paid or less than the outstanding Mortgage on the Property.
Of course, that all requires time. That is why it is important to determine if your best plan is to defend the foreclosure thereby allowing you to effectively "Buy Time" giving you and your professional team enough time to sell the Property.
Recently we defended a foreclosure and the Bank had lost the Note and had improperly transferred the Mortgage from one investor to the other. In fact, the assignment was not recorded in the Public Records! While we defended the foreclosure our client was able to sell the Property and the Bank agreed to reduce the Mortgage payoff by $200,000.00! The Bank even agreed not to pursue a deficiency judgment against our client.
The result: A HOME RUN! A SUCCESSFUL SHORT SALE! Our client ends up getting rid of the Property, getting the Bank substantionally paid and not having a deficiency. The client is now free to go on with their life without having this burden of a bank chasing them around for the next several years.
If you are falling behind on your Mortgage and need to plan a strategy, please feel free to call us and we will help you access your situation.
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