I wish some1 could help me find me answers to my questions cuz I'm having trouble with my 8 years Contract condominium. I only have a year to pay the house in full and its all mine. But unfortunately I lost my job and I wont be able to pay monthly dues with my house(now I'm 3mts late). What happen if i wont be able to pay the house anymore and did not finished the contract? What will happen with the money i already gave the Co. for 7 years?
Thanks for any advice!
I'm really sorry to hear about your situation Enricoenriques.I live in the UK so what is relevant here is obviously not relevant in your country. Perhaps you could try surfing the internet for some free advice sites where you may be able to obtain some information about how you stand legally. Other than that I do not know what to suggest but I'm sure another hubber will be along soon enough to offer you some good advice. Sorry I can't be of any more help.
Worst case scenario. It will be repossessed, sold at auction; and after all of your creditors with a vested interest in the property have been paid in full, the balance is yours.
Best case; call them. Talk to them. Explain your situation and they will recommend programs that can help you retain your home. They'll screw up your credit, but you'll have a roof over your head.
I remember reading that something like 70% (or some crazy-high number like that) of all foreclosures could be avoided by simply communicating with the lender at the onset of financial troubles. If you're 3 months late, it's not the onset, but it's still relatively early.
COMMUNICATE. The lender might be able to offer you some form of temporary forbearance, reduced payments, etc.
You don't say where you live so it is hard to give specific answers. Who do you owe the money to a bank? Will they work with you and allow you to defer payments until you can get a new job? Is it possible for you to borrow the money from a friend or relative to get current? Can you sell the property for a profit? With only a year left of payments I would say don't give up - do whatever you need to catch up and make that last year of payments, even if you have to sell some personal items to make it happen. Don't give up at the last leg of the race.
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