Blah blah blah, everyone is probably in the same boat, but it’s worth asking.
Purchased the condo in June 2006, at the height of the market. Orlando, 794sq ft, 1bed/1bath + 1 car garage= $151k.
Current neighborhood newsletters have identical units currently selling for $28-$31k. It bothers me when I see tv commercials for a new SUV’s starting at $35k…. you have no idea!
So what do I do? My wife and I would like to start a family, but that isn’t possible while we live here. We currently owe $141k… The lender refuses to talk to us because we’re in good standing, but if we start missing payments then our credit gets hit and we can’t get approved for a new mortgage for a new home. I feel like we’re in a no-win situation, but something has to be done. Any suggestions?
Even if/when the market turns, it’s highly unlikely that someone will ever pay more than $120k for this unit. The market generally fluctuates 2-3% year to year, how many years would I have to wait before I could safely get out? And how can I take advantage of the current prices?
Your situation truly sucks and I agree it is a no win situation. The only way out of your debt is to toss your credit out the window and file for bankruptcy. Obviously you will then have to join the ranks of being a renter because you won’t be offered any type of loan for several years. But the question is, would paying rent save you enough money to cost you your credit? If you opted to wait out the market, it is too difficult to predict how long it will take to return to a viable amount for you to get out. But based upon history repeating itself, I expect values to increase at a decent rate in the future as I expect interest rates to begin to skyrocket in the next year and add the increasing number of baby boomers looking for FL property, you might not be that bad off.
By the way, where exactly do you live, I might want one of those $28k units… (sorry)
Wait it out. There is no reason why you can’t have a baby in a condo. People around the world have many babies in apartments much smaller than your condo. Market will turn in a couple years.
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Your situation truly sucks and I agree it is a no win situation. The only way out of your debt is to toss your credit out the window and file for bankruptcy. Obviously you will then have to join the ranks of being a renter because you won’t be offered any type of loan for several years. But the question is, would paying rent save you enough money to cost you your credit? If you opted to wait out the market, it is too difficult to predict how long it will take to return to a viable amount for you to get out. But based upon history repeating itself, I expect values to increase at a decent rate in the future as I expect interest rates to begin to skyrocket in the next year and add the increasing number of baby boomers looking for FL property, you might not be that bad off.
By the way, where exactly do you live, I might want one of those $28k units… (sorry)
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1. stop making payments!
2. live there for a to a year for free until they kick you out.
3. start out and NEVER EVER buy a condo again!!!
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