I live in New york Nassau county and would like help with foreclosure laws.?

I cant afford the mortgage on my rental property anymore and would like to voluntarily foreclose on it. Would the company be able to put a lien on my residential property although co-owned with my wife. Can anyone help with professional advice?

By | 2013-08-26T15:19:30+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|1 Comment

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  1. jojogala August 26, 2013 at 3:51 PM - Reply

    Why go into forclosure? Why not place the property up for sale. List it a tad below the actual value to incite a bidding war that way you can get maximum return on the investment you put into the house. Forclosure will affect your credit score where as just selling the property will not. If you owe more than the property is currently worth, i suggest calling your mortgage holder & asking for a short sale ( which means to sell less than you owe). Good luck.

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