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Need advice regarding possible foreclosure. I own a condo in a building and many of the units are going into foreclosure.

New Britain, CT |

I just refinanced my condo under the H.A.R.P. My mortgage is 133k, my condo is worth 95k max. The building in which my condo is in, is falling apart with an estimated cost of $2million+ for repairs. There are doubts that we as an association will be able to raise that kind of money. There are 4-5 units that are in foreclosure with more to possibly follow. With cost going up I am afraid that I will be forced to foreclose. What will happen to me?

Attorney Answers 2


There is no real way to answer your question. What is going to happen and what kind of costs and losses might be involved can only be guessed at with a lot more information. My only real suggestion is to take some control over you own fate and don't leave all the decisions to others. Get actively involved with your association, as a board member or otherwise, and then you can have some say over your own fate.

This answer is for general purposes only, and it does not create an attorney-client relationship.

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You control what will happen to you...may want to try to list yours for sale before the others fall into the short sale process. Feel free to contact me at should you have any additional questions. Regards, Thomas McCabe

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