The RE Bubble gods giving and taking – fair enough 🙂
TemeculaGuy, you said at first not to listen to your advice but now you’re kinda making sense… I’m thinking our options now should be:
#1 – Try a short sale immediately
#2 – If short sale is no go but we can sell on our own for no more than $20k added loss, just sell/lose
#3 If we’re going to lose more than $20k just “sink” that money to pay down the loan and get it neutral or at least back to what we could stomach losing per month.
If we’re going to lose $40k of our cash to this condo wouldn’t it make sense to just use that money to pay the place off or down to neutral… Only scenario that would not work is if truly we cannot rent the place EVER and it goes down even more (both likely I guess but maybe another risk worth taking…)
How did I just go from the least appealing option looking like it makes sense now?? I’m back to what got us in trouble in the first place, thinking RE will go up, and once you own property you should never sell, use it for income or only sell high.
