Strategic default

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Strategic default

Postby seabuyer » Wed May 19, 2010 12:05 pm

So after reading a lot on the subject, I'm seriously considering going down that route and renting for a while.
I have a few questions that folks on this forum might be able to help.

1. Do judicial foreclosures really happen in Washington? I have to look at the terms of my loan to see if there's a power of sale clause.

2. If I hire a foreclosure attorney just to review my loan and give general advice in the beginning to ensure I'm not overlooking anything, any idea on how much this will cost me roughly?

3. Any recommendation on attorneys?

4. Since the property is a condo, am I going to get in trouble with my HOA if I pay my dues normally?

Thanks!
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Re: Strategic default

Postby Markor » Thu May 20, 2010 2:32 pm

Try Kirk Mulfinger at purchaselaw.com. He's a real estate attorney in Bellevue, very smart and professional, with budget prices. I'm sure he'd give you a free estimate on his costs.

I don't see why the HOA would have a problem with you paying your dues as normal. If you meant not paying your dues, they could put a lien on your condo and bar you from using the common facilities. Don't leave until you're kicked out; otherwise you could end up elsewhere but still own the place when the bank delays taking over ownership (on purpose, to keep you responsible for HOA dues, and to keep the bad loan from being revealed to the public). Some people have been able to live mortgage- & rent-free for over 2 years now. I think such long times are less common in the Seattle area.
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