Hey everyone! Awhile ago, I posted about my lot for sale in Heritage Plantation in Laurel Hill, FL. Well, still no activity not suprisingly, as I am aware almost nothing is moving in Florida right now. It's been on the market for over a year and at this point, I am considering foreclosure. My question is this: We are financed through Trustmark Bank and are being told that they will not accept a deed in Lieu of foreclosure due to bank policy. Does anyone know if this is true, or is the loan officer bluffing in an attempt to get us to just keep making payments? We are current on are payments and have never been late. Is it possible the loan officer thinks we will continue paying to avoid a foreclosure? I'm willing to take the credit hit just to get out from under this property! Thanks so much for any info!
Trustmark bank policies?
- Thread starter ieatwings
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I remember your last Thread on the subject. Trustmark won't have a poilicy that simply lets a mortgagee walk by signing a Deed in Lieu. You could get an Attorney to make contact on your behalf. I wouldn't recommend you walk in and say you want to let it go, because it is easier for you and that you can withstand the credit hit. Maybe you would let Trustmark know that you will make a lump sum payment in exchange for a Deed in Lieu. For that matter, maybe you can sell it with the buyer getting a small check from you to help with their down payment. (get some professional advice)
In your last thread about the sale of this property you wrote: "We can carry the annual expenses indefinitely without any financial strain." The bank apparently knows this and is not letting you just walk away from a "bad investment."
If you walk away, you're not only going to trash your credit, you may find it will bite you in the arse later on when the bank sells the property for pennies on the dollar and then comes after you to make up the difference from what you owe on the loan. Additionally, be prepared for possible increases in your insurance polices (homeowners & auto); higher than market interest rates on loans and credit cards; greatly reduced credit limits and recalled HELOCs; and some sideways glances from prospective employers.
Since you're financially capable of holding this property (by your own admission), before you walk away, I recommend you see a good lawyer who can give you the TOTAL cost of what it means for you and your spouse to walk away from this contract.
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One of the 150K sales was a deed for a build out, I've never understood why that happens but I don't think it's an actual sale. (Maybe someone can clear that up.) The other was a 135K sale 14 months ago. Other than that there's not much going on up there. I'd drop your price if you can afford to cover the difference at the closing. I'd probably go way down, and maybe mention what you plan to sell at to the developer. 
Maybe go as low as 60K, negotiable? If you're young and motivated you can make that up and still retire in good shape. You should do something though because it sounds like the interest on your loan is eating you alive. That's not a good situation to be in. (Can you make ballon payments and get it paid off faster?)
Okaloosa records for those curious:
Okaloosa County Parcel Maps
Maybe go as low as 60K, negotiable? If you're young and motivated you can make that up and still retire in good shape. You should do something though because it sounds like the interest on your loan is eating you alive. That's not a good situation to be in. (Can you make ballon payments and get it paid off faster?)Okaloosa records for those curious:
Okaloosa County Parcel Maps
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I stumbled upon this online doc just now while searching something else. I thought you might want to examine it as it speaks to your Thread point pretty clearly.
its not just your credit that is taking a hit b/c of your unwillingness to stand by an obligation you agreed to & have professed an ability to continue supporting....you are also destroying my grandmother's retirement....so thanks, i'm sure she appreciates it.
sweet dreams.
You want to go into foreclosure on a property just because it isn't selling - even though you can afford to keep it?
All of my responses to that will get me yelled at/deleted! :angry:
Sounds like you're one of those folks who thinks "morals" are paintings on walls!
All of my responses to that will get me yelled at/deleted! :angry:
Sounds like you're one of those folks who thinks "morals" are paintings on walls!
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This scenario flies in the face of the Realtors' argument that real estate as an "investment" is superior to stocks since stocks can go to zero and "dirt" is forever--but they failed to inform the investulators that real estate isn't as liquid as stocks, and moreover, real estate can go to negative-zero where one has been paying out carrying costs over a period of time and in the end still has to bring money to the closing table.
Looks like the Plantation is now bank owned. Golf course closed.