I am co-owner of a home that is delinquent on payments since around late 2010. Foreclosure was filed back in 2010 but the case was dismissed in December 2013 for some reason. Also of note is the fact that I have included this property in a bankruptcy that was discharged about 3 years ago. The other owner of record has left the area and wants nothing to do with the property, i am not sure if he has filed bankruptcy and included the property.
I currently rent the home for 800 a month and since i do not pay any mortgage or insurance this is all income (minus repairs). The collection company (BSI Financial Services) has offered cash for keys to get me to sign over my interest in the house. The figure mentioned was 3-6K. I also asked if that was negotiable and was told “yes”.
What should i be worried about here? Is there something I am missing?
The home is in good condition but i do anticipate some expenses this summer, the A/C is old.
I was told that the first step is for me to allow an appraiser to have access to the property and that this value would affect the amount i would be offered for my signing.
How long could I drag out a newly filed foreclosure?
Any thoughts on the situation.
Where, what State is RE?
mmmmmmmmm
I’m in florida
Take $$$ and move on
Obviously it’s just a matter of time when lender or note holder will get foreclosure going to get you out so I’d make best deal you can, get release of liability from note holder and hand it back to them.