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05-12-2008, 08:34 PM
| | Junior Member | | Join Date: May 2008
Posts: 2
| | | Help Foreclosure
What is the name of your state? Georgia
I have a $200,00 debt on a NEW spec house for investment. I am behind two months on only the interest. Is it possible for me to just "give" the bank the house and file "something" to not pay anything else? Please advise. Thanks! |
05-13-2008, 01:01 AM
| | Member | | Join Date: May 2008 Location: Twin Cities
Posts: 156
| | | You can request of a deed-in-lieu of foreclosure which saves the bank from having to spend the money foreclosing. They don't have to grant you your request and may be less likely too since it's an investment property. |
05-13-2008, 07:37 AM
| | Junior Member | | Join Date: May 2008
Posts: 2
| | | hi. yes, i asked for the deed and they said no. any other options? |
05-13-2008, 08:04 AM
| | Member | | Join Date: Feb 2002
Posts: 435
| | | Ummm, sell the house? If you can't net enough to fully pay off the 200k, approach the lender about a short sale. |
05-13-2008, 01:20 PM
| | Member | | Join Date: May 2008 Location: Twin Cities
Posts: 156
| | | The key to success with a short sale is enlisting the help of a real estate agentis who is skilled at negotiating short sales. Not just any old realtor will do. Find someone that has a proven track record. | |
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