i bought a condo two yrs ago with subprime credit, interest only loan. i counted on improving my credit score and refinancing before ARM expired. my score is now 720, but condos in my complex and neighborhood have depreciated and keep declining. i owe 190,000; recent comps are $90,000 - $130,000. County officially devalued the property and reduced tax. Spoke to my lender--said they can't do anything. I could rent the property for less than half the mortgage payment, not counting HOA dues, insurance, etc. ARM % doubles in one year, but everyone expects forecolsures from subprimes to increase, more condos on market, lower prices. I've contacted 2 different 'programs' advertising help for my situation, both said nothing I can do. Historically these properties took 12yrs to recover from last price drop. i retire in 6 yrs, need to break even on sale by then, or foreclose. What should i do now? Any options--or hope of quick recovery?
2007-05-13
09:20:45
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7 answers
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asked by
Anonymous