[quote=frenchlambda]…My goal is to keep to the place and refinance. It is doable in my opinion. I do not want to go into foreclosure. I also want to be financially detached from my ex-in-laws. I really don’t want to have anything to do with them anymore but I can live with continuing to pay them for another 2 years.[/quote]
frenchlambda, if you currently owe $330K on the condo and it is only worth $340K, I don’t see how you can successfully refinance. Your condo would have to be worth $412,500 in order to qualify it for a $330K loan at 80% LTV. It could be several years (if at all) before this happens.
edit: Therefore, you will have to bring another $72,500 (+ closing costs) of your OWN money to the table to make a refinance happen.
