Condo association foreclosed on property and is now owner of record with certificate of title. Hadn't heard from mortgage service company for years. Just got letter from them offering deed-in-lieu or short sale. Obviously, can't help them there. What are options for mortgage servicer? Is the mortgage now an unsecured debt? If I were to buy a home down the road, what would be the consequences if the mortgage holder then foreclosed?
The mortgage company should know what it is doing and it is not your purview to attempt to outwit or even protect them. You need the advice of a real property lawyer so you don't step into a trap. Base only upon you say, the note is still alive and you owe it. This may be your only way out short of bankruptcy.
About the house down the road, I can't opine on creditworthiness.
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I agree you need an attorney, preferably one experienced in mortgage foreclosure defense. The mortgage company has to clear out your interest in the property even if you don't own it. You could possibly negotiate a waiver of the deficiency judgment with the help of a lawyer.
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