Consumption and Real Estate
I have a rental condo unit in Hawaii with silent partners and we are struggling to make the payments.?
Question : I have a rental condo unit in Hawaii with silent partners and we are struggling to make the payments.?
The mortgage is in my name and I was wondering if a foreclosure occurs can the bank place a lien on my retirement accounts and other assets. I live in California.
hawaii condo rentals
Best answer:
Answer by rhonda
have you had an attorney look over the contract ? have you tried to sell it? they may get the condo, and sell it, and anything owed over the purchase price can be your debt, you need to look up the laws in your state to find out what the laws are under foreclosures.
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#2 written by InspectorBudget 1 year ago
Better look hard at doing a short sale.
If the rent is steady and the tenants are good, then try and hold on as long as you can. If the tenants are iffy, and the property is facing lots of repairs or maintenance, then it may be better to short sale and get out.
If you go through a foreclosure, the bank takes the property, your credit is ruined for 7 years, but no, they cannot touch your retirement account.
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Bank will want their money.
Unless it’s under corporation, bank will try to get it from you from any of your sources.