Tired of doing the right thing…need advice

[lizzers]

Hi all,
I’m coming to this forum for advice.
I bought a condo in Eastlake and have not missed one mortgage payment. I had planned on living there for at least 5 years, but a great job opportunity moved me out of San Diego.

Almost all of the condos in my neighborhood and surrounding area are in foreclosure or short sale. I cannot sell because I would end up competing with the foreclosures which are selling at more than 60% off.

I cannot get assistance or a loan remodification because I do not qualify (I’m actually paying). The condo is vacant now and I’m trying to find a renter, but even if I do, I’ll still end up paying the difference. I put 20% down and got a 30 year fixed (bye bye equity).

I consider myself very responsible, but I feel like I am throwing my money away. My neighbors have stopped paying HOA fees and I don’t see the situation getting better for a long time.

What would you do in my situation? Walk away? Short sale?

Any advice is greatly appreciated.

[waterboy]

Other units are 60% off of your purchase price and could easily go down another 20%+. It could be 10+ years before the property value gets close to what you purchased for. Renting it can be a pain and you would be losing each month so you just might want to consider making a business decision here.

Try the short sale first.

[waterboy]

Other units are 60% off of your purchase price and could easily go down another 20%+. It could be 10+ years before the property value gets close to what you purchased for. Renting it can be a pain and you would be losing each month so you just might want to consider making a business decision here.

Try the short sale first.

[waterboy]

Other units are 60% off of your purchase price and could easily go down another 20%+. It could be 10+ years before the property value gets close to what you purchased for. Renting it can be a pain and you would be losing each month so you just might want to consider making a business decision here.

Try the short sale first.

[waterboy]

Other units are 60% off of your purchase price and could easily go down another 20%+. It could be 10+ years before the property value gets close to what you purchased for. Renting it can be a pain and you would be losing each month so you just might want to consider making a business decision here.

Try the short sale first.

[waterboy]

Other units are 60% off of your purchase price and could easily go down another 20%+. It could be 10+ years before the property value gets close to what you purchased for. Renting it can be a pain and you would be losing each month so you just might want to consider making a business decision here.

Try the short sale first.

[barnaby33]

I’d rent the place to a friend at a greatly reduced rate while you go through foreclosure. Keep him/her informed of whats happening and chalk it up to experience.

We are long past the point where paying your mortgage on an underwater dinosaur is the right thing to do. Those who suggest you do that are clinging to a deeply flawed ideological framework. One in which our leadership and society have set a reasonably level playing field and rules will be followed.

You are kinda screwed in what you bought and where, so just take the credit hit and move on.
Josh

[barnaby33]

I’d rent the place to a friend at a greatly reduced rate while you go through foreclosure. Keep him/her informed of whats happening and chalk it up to experience.

We are long past the point where paying your mortgage on an underwater dinosaur is the right thing to do. Those who suggest you do that are clinging to a deeply flawed ideological framework. One in which our leadership and society have set a reasonably level playing field and rules will be followed.

You are kinda screwed in what you bought and where, so just take the credit hit and move on.
Josh

[barnaby33]

I’d rent the place to a friend at a greatly reduced rate while you go through foreclosure. Keep him/her informed of whats happening and chalk it up to experience.

We are long past the point where paying your mortgage on an underwater dinosaur is the right thing to do. Those who suggest you do that are clinging to a deeply flawed ideological framework. One in which our leadership and society have set a reasonably level playing field and rules will be followed.

You are kinda screwed in what you bought and where, so just take the credit hit and move on.
Josh

[barnaby33]

I’d rent the place to a friend at a greatly reduced rate while you go through foreclosure. Keep him/her informed of whats happening and chalk it up to experience.

We are long past the point where paying your mortgage on an underwater dinosaur is the right thing to do. Those who suggest you do that are clinging to a deeply flawed ideological framework. One in which our leadership and society have set a reasonably level playing field and rules will be followed.

You are kinda screwed in what you bought and where, so just take the credit hit and move on.
Josh

[barnaby33]

I’d rent the place to a friend at a greatly reduced rate while you go through foreclosure. Keep him/her informed of whats happening and chalk it up to experience.

We are long past the point where paying your mortgage on an underwater dinosaur is the right thing to do. Those who suggest you do that are clinging to a deeply flawed ideological framework. One in which our leadership and society have set a reasonably level playing field and rules will be followed.

You are kinda screwed in what you bought and where, so just take the credit hit and move on.
Josh

[recordsclerk]

I would walk. It really sucks that you did the right thing in putting down 20%. There are a lot of people that think a down payment is stupid because of the way things have worked out in the last couple of years. I feel for you. There are just too many forclosures in the pipeline for this product for you to hold. These condos are starting to break the 200K barrier and beyond.

[recordsclerk]

I would walk. It really sucks that you did the right thing in putting down 20%. There are a lot of people that think a down payment is stupid because of the way things have worked out in the last couple of years. I feel for you. There are just too many forclosures in the pipeline for this product for you to hold. These condos are starting to break the 200K barrier and beyond.

[recordsclerk]

I would walk. It really sucks that you did the right thing in putting down 20%. There are a lot of people that think a down payment is stupid because of the way things have worked out in the last couple of years. I feel for you. There are just too many forclosures in the pipeline for this product for you to hold. These condos are starting to break the 200K barrier and beyond.

[recordsclerk]

I would walk. It really sucks that you did the right thing in putting down 20%. There are a lot of people that think a down payment is stupid because of the way things have worked out in the last couple of years. I feel for you. There are just too many forclosures in the pipeline for this product for you to hold. These condos are starting to break the 200K barrier and beyond.

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