foreclosure question

M

maverick

New member
I was wondering if someone on this board can help me out.
I currently reside in Irvine, CA and own a house.
I also own a high rise condo in Vegas that I purchased in 2007.  It is completely up side down. 
I am hemorrhaging from keeping up with the mortgage payments, $2000-2500/mo. in the red.
in 2012, it will turn into an adjustable rate.  currently it's 6.5%.
I make too much money for short sale and I am sure the bank won't go for it.  Plus no one will buy a high rise condo in Vegas at this time anyway.
Unfortunatey, Nevada is different than California in that after foreclosure, the bank can still come after you for deficiency within 3 months of sale.
What is the best move here?  Do I just walk away hoping that bank won't come after me? I read that most banks don't because it costs money to come after people and most people don't have the money to pay it anyway.
Thanks for your input...
 
maverick said:
I was wondering if someone on this board can help me out.
I currently reside in Irvine, CA and own a house.
I also own a high rise condo in Vegas that I purchased in 2007.  It is completely up side down. 
I am hemorrhaging from keeping up with the mortgage payments, $2000-2500/mo. in the red.
in 2012, it will turn into an adjustable rate.  currently it's 6.5%.
I make too much money for short sale and I am sure the bank won't go for it.  Plus no one will buy a high rise condo in Vegas at this time anyway.
Unfortunatey, Nevada is different than California in that after foreclosure, the bank can still come after you for deficiency within 3 months of sale.
What is the best move here?  Do I just walk away hoping that bank won't come after me? I read that most banks don't because it costs money to come after people and most people don't have the money to pay it anyway.
Thanks for your input...
Click to expand...

Consult an attorney.
 
As IndieDev mentioned, consult an attorney...one that is licensed in Nevada and has a background in RE.  You can roll the dice, but come up snake eyes with a judgment and/or a collection company all over you.  I'd go down the short sale path first, you may get lucky.
 
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