What if bank never forecloses on property?

UPDATED: Dec 15, 2011

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What if bank never forecloses on property?

The bank has not started the foreclosure process in 2 years. I want this to be over with as I made bad decisions. I don’t want to keep incurring property tax, HOA fees. Would it be advisable to contact the bank and ask for foreclosure? I have try to contact and ask for deed in lieu but they wanted al paperwork and see if I qualify for remodification don’t want that I want out. Any suggestions?

Asked on December 15, 2011 under Real Estate Law, North Carolina


Michael D. Siegel / Siegel & Siegel, P.C.

Answered 11 years ago | Contributor

A short sale.  Otherwise, just leave and pay no one.  Eventually, the property will be sold at a tax foreclosure, ahead of the bank.

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