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Just a quick update on
how things are going with me. I have moved out of my
house and into a rental condo, very nice place. The
house that I moved out of is in foreclosure. My two
condo units are in foreclosure as well. No sale date has
been set on any of these properties (see
all three properties). I have not made any
mortgage payments on these properties since November
2006 when I got my $10,000 property tax bill and then my
$10,000 insurance bill. All three properties are vacant
and listed for sale. I have had people look at the
properties, but no one has given me a contract. I am
maintaining all of the utilities and landscaping on the
properties until either they sale or go back to the
banks in foreclosure.
I have retained a lawyer
to assist me in all related legal matters. I have two
real estate agents working on selling the properties.
One agent handles the primary residence. The other agent
handles the two condo units.
The condo association has
taken me to small claims court and been granted a
judgment against me as I did not contest the debt (blog
entry). I am
not sure what they will do next now that they have the
judgment.
The homeowner's
association has placed a lien against the primary
residence (blog
entry).
Property taxes have not
been paid on the primary residence. My lawyer tells me
the county will auction off the bill to buyers who will
get a return on their money once the taxes are paid. The
tax collector does not actually auction off the house
for about two years. The foreclosures will surely be
complete by then although I had hoped that they would be
finished by now anyway. It is going on eight months
since my last payment.
Although I have discussed
with my lawyer options for bankruptcy, I have not yet
decided to file for bankruptcy. Since my income is too
high, I would have to file for Chapter 13 bankruptcy.
That would put me in a payment plan for five (5) years
which I would like to avoid as I would not get to keep
any of the property. Instead, I am going to wait it out
and see if the creditors will eventually negotiate on a
reduced amount as payment in full.
If I can give you any
advice if you find yourself in a similar situation as my
own, get a lawyer.
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