Condo Fees, Attorneys, And Auction OH My!!!
Need help on what to do my mom has a condo that has a year and a half back condo fees owed. With the Attorney fees the 6,000 amount has swelled to 18,000. The condo is a second house being rented out and has about 200,000 worth of equity in it. My credit sucks otherwise I'd buy it from her. What are your recommendations for keeping the place from going to auction and getting out of this mess.
With that much equity, can't your mother get a new first or a HELOC ?
I am confused.
[addsig]
She tried to get it refinanced at Bank of America and the company that holds the mortgage they refused it because of the payment history. Can you recommend some other places for refi or HELOC?
She needs to just sell it to an investor before the auction. Take what equity she can before it gets reduced dramatically in the auction.
Better a choce you make yourself, however forced it may have been, then to accept a default option and its probable worse outcome.