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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Foreclosure Advice Posted by Evan on December 18, 2009 at 10:00 PM I have decided to walk away from two properties that I “own.” Long story short, I’ve spent over $75K in interest only payments and real estate taxes over the last 3 years only to watch the value of my properties plummet and the loan balances stay the same. One I live in, which is a condo in Cook County IL, and the other is a townhome which I rent out in DuPage County, IL. I have a tenant whose lease is up at the end of June 2009. Over the past 3 years, I have not been able to refinance or do a loan mod because I've been making the payments on time (the townhome I still spend a grand each month after collecting rent), but I just keep digging myself deeper into a whole. I am an estimated $130K upside down between both places. I am barely making ends meet – I keep making less money, my bills are increasing, and it’s only a matter of time besides I start going under, FAST. I just want to save as much money as possible by not paying anymore and prolong the foreclosure process as much as possible to keep living mortgage free. I will accept the credit impact for the next 10 years – I have 2 cars that are paid off, I have a place to stay, and I don’t care about keeping either properties. I’ve done a lot of research, have spoken to multiple real estate agents and attorneys, and I’m still trying to gather as much info as I can. I want out – I just have to avoid a deficiency judgement. I've learned that lenders rarely go after the difference, and if they do, I have found that there are 3 ways to avoid any financial liability after the properties are foreclosed: deed in lieu of foreclosure, consent foreclosure, and Chapter 7 bankruptcy. Has anyone gone through the complete foreclosure process? Especially in IL for DuPage or Cook counties? Any advice or horror/success stories? This is the 1st month I am not making payments to any of my 3 lenders or 2 associations. Please, any input is greatly appreciated. Follow Ups: Re: Foreclosure Advice Evan 8:30 PM, 12/22/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have decided to walk away from two properties that I “own.” Long story short, I’ve spent over $75K in interest only payments and real estate taxes over the last 3 years only to watch the value of my properties plummet and the loan balances stay the same. One I live in, which is a condo in Cook County IL, and the other is a townhome which I rent out in DuPage County, IL. I have a tenant whose lease is up at the end of June 2009. Over the past 3 years, I have not been able to refinance or do a loan mod because I've been making the payments on time (the townhome I still spend a grand each month after collecting rent), but I just keep digging myself deeper into a whole. I am an estimated $130K upside down between both places. I am barely making ends meet – I keep making less money, my bills are increasing, and it’s only a matter of time besides I start going under, FAST. I just want to save as much money as possible by not paying anymore and prolong the foreclosure process as much as possible to keep living mortgage free. I will accept the credit impact for the next 10 years – I have 2 cars that are paid off, I have a place to stay, and I don’t care about keeping either properties. I’ve done a lot of research, have spoken to multiple real estate agents and attorneys, and I’m still trying to gather as much info as I can. I want out – I just have to avoid a deficiency judgement. I've learned that lenders rarely go after the difference, and if they do, I have found that there are 3 ways to avoid any financial liability after the properties are foreclosed: deed in lieu of foreclosure, consent foreclosure, and Chapter 7 bankruptcy. Has anyone gone through the complete foreclosure process? Especially in IL for DuPage or Cook counties? Any advice or horror/success stories? This is the 1st month I am not making payments to any of my 3 lenders or 2 associations. Please, any input is greatly appreciated. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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