Old 04-19-2009, 10:38 AM   #1 (permalink)
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Short Sale with special assessment

Last year my condo was hit with a $1.3 million dollar assessment leaving each of the homeowners responsible for 56K. Since I didn't have that much cash or equity I have been making ridiculous monthly payments that I can no longer afford and they go up in June. I want to avoid foreclosure at all costs and am looking at a short sale. Does anyone know what happens to the 56K during this process? Am I still responsible for it? Is the buyer? My lender? Any help you can provide is appreciated. There is currently no lien on property.

Thank you!


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condo, hoa, short sale, special assessment

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