This is a difficult situation. If however, your take home pay is less than your monthly mortgage payment, you really cannot afford the property. It sounds like you may have had an option 2 year ARM or something similar and are now facing a high reset payment. The market is weak and after paying a 6% commission for realtor services, you will need to bring $$ to the table to sell which you likely do not have. Therefore, you either a) foreclose or b) attempt to have the bank modify the terms of your loan. Start with (b) and if the bank says you must miss a payment then do so. The realty is that you cannot really afford the property and there is little point in burning through whatever savings you have to keep your head above water. Don't feel like your situation is unique--it is the same circumstances for millions of home owners across the country currently.

Hey I may be relocating to Jacksonville very soon and thought about trying to find a "room to rent"...maybe I can help you out for short while (or anyone else in this situation)? I just want an inexpensive way to live for a few months in order to learn more about the area. Then I will be buying and moving my family. (I am a female professional, age 50, nonsmoker, quiet and keep to myself).

Mariah,

What happened that you can't afford your payments now? This will be important to the bank.

Mariah:
The condo market is trying to improve, but many lenders are now requiring a Buyer to put 10% because we are deemed to be in a declining market. This makes the desirability difficult because the townhomes being sold are not in the same situation and if a Buyer is trying to save money, they would prefer to put 3% down instead of 10%. Now with this being said, there are some condo's that have not declined at all and there are some communities that are in law suits and can't sell unless they find a cash buyer.

Which community are you in? Is your condo a conversion or was it built to be a condo from the beginning.

I am currently working short sales and one thing I can definitely tell you......the Lenders would prefer to work with Real Estate professional then directly with homeowners. They are over work and under paid and if they can put the work off on a Realtor, then they will gladly pay us. If you end up calling your lender back, they may give you a completely different answer.

Have you tried to rent your unit? There are a lot of rentals on the market now, but I hear that the ones with garages are renting sooner than the high rises with no garage.

Feel free to give me a call for more information and explanations.
Enjoy your day!

I'm sorry to hear of your misfortune. Unfortunately, there are many home owners that are faced with the same situation you are. I would definitely sugguest that you discuss a shot sale with your lender.

I have a sale pending right now, and my seller is going to have to bring $85,000 to the table to close! BUT, in the last month, everything has improved. And now that Amendment 1 has passed, hopefully the market will improve even more. I'm not that far from you, in the Daytona Beach area. You've already received a couple of good answers. Wade offered some good advice for marketing. See if you can hang in there and get a sale.

Mariah if you are in an adjustable mortgage you can ask the lender if they hold of on readjusting for 6-12 months. Often they will if your income vs. expenses qualifies.

There are a lot of condos in the Southside for sale now, however I do expect things to improve here this year in Jacksonville. One thing you may consider is find a roommate that if you can live with a friend of family member for free perhaps you can rent out the condo. Even if you renter does not pay the full amount of your monthly mortgage and you have to supplement the rent with a few hundred dollars you may be able avoid foreclosure, which is going to help you in the long term.

If you just have to sell now then work it. Take some great photos and make a flyer. Tell everyone that you know and find as much free advertising as you can. Trulia is great of course and there is craigslist and ebay. You can also post open house ads in the local Folio magazine. Our market here is not THAT bad. People are still buying homes and condos, really, and you can do this.

Ouch - not a good position to be in at all. Perhaps if you talk to your lender about renegotiating the terms of the loan to something you can afford, they may be willing to help you - go to the lender who originated your loan and talk to them about it rather than the person in the corporate office who is servicing the loan.

You should also talk with a local real estate agent (I know a good one in the Jacksonville area if you don't already know someone) about what the options are in your market and if your market looks like it may turn around shortly?

Foreclosure is not a good solution if you can avoid it. It will affect your credit and your future interest rates for years to come, not to mention the potential tax consequences you may face. If you don't have a choice, you don't have a choice but get good sound advice from local professionals before you make a decision. They know your market best.