Walking Away From Property?

Comments(6)

• 
  ncboater10th November, 2004

  You could make up the back payments and take the property subject to.

• 
  Ruman10th November, 2004

  If you can refinance, perhaps refinance for $200-$250k to pull out the equity to use for other investing ventures?
  
  
  Quote:
  On 2004-11-10 11:38, sixti1 wrote:
  I have a situation where a home owner is walking away from the property. She is in default and is just not making the payments and not communicating with the lender. The condo is worth 250K, the loan amount is 112K. I need a place to live anyway, so I was wondering if I had to compensate her in any way or could I just contact the bank, make up the back payments and take over the property and move in.......she lost her job and is moving in with some family to save money. Would I be breaking any equity purchase laws since the equity is so huge? I just want live in the property...
  
  any advice would help, thanks

• 
  loon10th November, 2004

  I assume you've thought of this, but you didn't say...is she agreeing to the deal fully? Unless she does and signs documents of sale, the bank won't let you do anything.

• 
  InActive_Account10th November, 2004

  The real question is, why is the owner walking away from $138k in equity?
  
  Must be more to the story which may drive the way you handle this transaction
  
  Good luck, Mark

• 
  kenmax10th November, 2004

  you can l/o as well. the best choice is your decision......km

• 
  sixti110th November, 2004

  myfrogger, thank you. If anyone can give any advice on the "Equity purchase law or agreement" (What exactly is this)? I want to make sure I don't break any laws that many investors in my state have broken in the past.