Hi All
I have unfortunately recently had my apartment building declared as 'leaky'. An early estimate to fix my share is around $70k. Im trying to weigh up my options.
I am looking at borrowing further from the bank to cover the costs. But I'm also wondering if 'walking away' is an option. I am told that, because the building is older than 10 years we won't be able to sue anyone. Neither are we covered by insurance. So the situation seems pretty grim.
If I were to stop paying my mortgage and allow the bank to takeover the property they would most likely be unable to recoup their losses. My equity is about $45k. Are they still able chase their debt with me? Do banks pursue their mortgage debts, beyond taking over the property?
Or would I need to be declared bankrupt to 'escape' the bank's debt? This is not something I want to do!
Any information/ideas are welcomed.
Cheers
I have unfortunately recently had my apartment building declared as 'leaky'. An early estimate to fix my share is around $70k. Im trying to weigh up my options.
I am looking at borrowing further from the bank to cover the costs. But I'm also wondering if 'walking away' is an option. I am told that, because the building is older than 10 years we won't be able to sue anyone. Neither are we covered by insurance. So the situation seems pretty grim.
If I were to stop paying my mortgage and allow the bank to takeover the property they would most likely be unable to recoup their losses. My equity is about $45k. Are they still able chase their debt with me? Do banks pursue their mortgage debts, beyond taking over the property?
Or would I need to be declared bankrupt to 'escape' the bank's debt? This is not something I want to do!
Any information/ideas are welcomed.
Cheers
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