We purchased our home (condo) in December of 2005, buying in at the height of the market in Naples, FL. Since then, we have come to the sobering realization that we are in over our proverbial 'financial heads' at this point. We put 1% down and used the rest of our money for closing costs, buying our 2 bedroom - 1 bath condo for just under $275,000 structured with a 1st and 2nd mortgage. Our mortgage carries a 3-year pre-payment penalty and with closing and realtor fees, we're not sure we can even afford to sell the condo. (Factoring the drop in the market.)
We appear to be 'upside down' on the mortgage. Is there anything anyone can suggest? Will banks allow you to sell and carry a portion of the unpaid loan as a personal credit line after closing? Carrying the monthly payment on the 1st and 2nd mortgage, plus HOA fees and property taxes, is draining us each and every month.
2007-02-17
05:43:22
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4 answers
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asked by
Ocean D
1