Role Reversal, Not Planned
I find myself on the other end of the stick: What sort of "mark" , if any, is left on your name, credit report or anything else if you let a property go back for either back taxes or non payment of condo association dues in the great state of FLA?
You know, maybe i haven't been the most active member here, maybe i'm not the most knowledgable either, but i resent my post being moved to this forum without even considering maybe i'm NOT living above my means or having trouble paying my debt. I never mentioned lack of monies in my post, that's not the problem. I would have thought the people here would realize that not all people wanting to get out of a property are financially stressed. I truly tried to place this post and my other one in a place where it belonged.
Just fu*king delete it and the other post as well, i've rather lost interest in being a part of this community.
Lorien, I can see your frustration having your post moved to a different forum. There are certain Moderators here who think they are god because they have access to a delete button. Needless to say you have a valid question and hopefully, it can be answered by someone. Sorry I can't help you out with your question, but I know someone will. Good luck.
Property lost to back taxes will likely never show up on your CRA reports, unless it was mortgaged and if that is the case you'll likely have a foreclosure showing.
Condo assns will sue you, and you'll have a public record showing on your reports. Which will hurt a lot.
It is likely that you could sell it for profit. Florida is going up like crazy.
Seek out an investor who will purchase it using some creative method that will avoid any bad mark on your credit... At least try before you just let it go...
Good Luck!
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As for your frustration with your topic moved to a different post, I believe they did it because this question is about credit and debt relief, which is what this forum is about... Not strictly living below your means...
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Lets get this straight. Your Planning on defaulting on your obligations, but have the money to pay it. You just don't want to.
Have some character and pay your debt.
I'm not backing out of any debt., i plan to pay off the HELOC i took out to buy the place, i just don't see an end to an increasingly frustrating and expensive situation. I believe it could be up to 8 months to a year before the association gets around to finishing my place. I posted a previous, more indepth post on another part of the forum with no replies, so i'll copy and paste it here. I have contacted several people down there about selling it, everyone is hesitant due to the extensive damage, the reluctant association and the fact that there will more than likely be a huge special assessment. The previous post is below:
I'm not sure where to put this post, hope this is an ok place, i could use some ideas and suggestions about now. Just over a year ago, i bought a sweet little ground floor, 1 bedroom condo in Winter Park, FL for our son to live in whilst going to school. We used a HELOC to buy it, seemed like a great idea at the time. Long story short....when Charley came through, it ripped off the upper condo's roof and tons of water came pouring down into our place. We lost just about everything in it (son only had a truck with no topper and no where to store things, he got his electronics out and everything else just sat there and got wetter and wetter), the rain continued to pour in for almost a month til the roof was finally repaired. Until that time, water saturated it, collapsing the ceiling, running out of the light fixtures, down the walls, ruined everything.
My condo is totalled. I swear it had it's own ecosystem in there, mold grew everywhere. The association is responsible for the drywall out, everything else is my responsibility. The (association) has started the process of gutting it, even the studs in the walls are moldy. It's one of 8 units in a building, i don't see how people can live in the other ones with mine being so nasty. I've been told it's the worst in the whole complex, and i believe it. I was down there a week after the hurricaine and had never seen anything so gross. I also learned i'm one of those "highly allergenic " folks who break out in rashes and welts and get horrid headaches from the stuff. I informed the association that any cleanup they did would have to meet EPA standards or it would be unacceptable.
I live in MI. It's(the FL condo) not an expensive place, i paid what it was worth at $37k. The insurance i got was minimal, 20k on the structure, i thought the association would cover anything else, who'd ever think something like THAT would happen? (dumb, i know now, but...) My son has since graduated and moved on, i don't need the condo anymore, i'm still paying association fees, taxes are due next month and work in the complex is creeping along, if that fast due to their own insurance woes.. Dealing with my insurance company has been a nightmare, i had to hire a private adjuster to help (actually, he's helping me for free cause he's a helluva guy and i helped him get the condo association contract). Long story short:
What are my options? I had thought i'd wait til the association had dried it out and redrywalled it, then put it on the market for a VERY low price (needs everything, remember?) but the way things are going, i dunno when that's going to be. I'm pretty sure an assessment will be coming, the association fees got raised 10 bucks for this year. If i stop paying the fees, can they foreclose? Would that be a bad thing? The place should have been (in my opinion) condemned. What if i let it go back to the county for non payment of taxes? What sort of "mark" does it put on your name and/or credit if a place you own gets taken back either by tax default or by non payment of fees?
This thing has been eating at me since it happened. Money's been tight, the insurance company hasn't paid me anything except $4700.00 that they said was all they were going to pay me, once the public adjuster stepped in they decided it was a total loss but no money has come yet. I want to move on with my investments but everything is tied up in this now and i'm considering cutting my losses and letting it go. Any thoughts and advice would be appreciated.
becki
Thanks, all.
I actually have been contacted by several folks who apparantly have seen either this post or an ad i put online for the condo.. Thank GOD, i swore i wasn't going to continue to just sit and wait and start to sink.
Maybe it wouldn't have been so bad if the insurance company hasn't been so hard headed. They even want receipts for my bedding, bath and kitchen utensils. I told them all paperwork turned to mush immediately inside the file cabinet but who the heck keeps receipts for sheets and blankets, anyway?
Again, thank you, my faith is restored, there are people who can be ruthless and knowledgable and still have some understanding as well.
becki
lorien
This is why the post was moved to this forum to get you the responses you need to aid in your decision making.
It was never intended to indicate that you are flaky with your responsibility!
In business sometimes we have to cut our losses.
I sure hope this problem will soon come to a resolve, as I know this can be most frustrating!
Good luck
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