My hubby and I bought a 1b/1b condo in June of 06 and were planning on staying there for years. The market dropped and we got pregnant! As you can imagine, I don't want to be prego living on the third floor! Or raising twins in 840 square feet! Other condo's our size are going for 195,000, and we bought for 211,900 (yes, it was once a good deal). We can only afford to pay 10K toward paying off the loan, so we'll need a loan to pay off the rest. We will be buying the busineeses we run in the next few months, so income won't be a problem for the pay off, and we'll have to rent a house for awhile which will also save us some money. Is this smart? What about "walking away"? Does anyone know of any companies that would give us a loan in this situation for 10-15K? We are on a time crunch, so I don't want to offer the condo at 200+ because we want it to sell. Renting isn't an option because our mortgage is 1450/mth + HOA's 140. Renting could cost us about 700/mth. ANY ADVICE!!???
Ashley
2007-09-18
11:38:20
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5 answers
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asked by
jaredandashley
1
in
Renting & Real Estate