Foreclosure in Brigantine>Question Details

Denise Smith, Other/Just Looking in 08203

FHA spot approved condo with no appliances to cook since 2008; HUD changed laws in 2010; can't get 203K rehab loan now for a kitchen. Do I walk?

Asked by Denise Smith, 08203 Sun Jul 10, 2011

I’m living in under 540 sq ft; condo assoc. = gross mismanagement and neglect; special assessments on top of high condo dues already to fix up years of work NOW needed completed! ASSOC. RESERVE IS DEPLETED! Condo under market value as well as Complex under water; and a long list of major repairs are required! Recent Refi didn't help very much! Options: Foreclosure/ Strategic DEFAULT; THERE IS NO EQUITY / Short sale a loss; is it not? NO BANK will deem the building FHA; Assoc board doesn’t want it deemed FHA; and one unit already in bankruptcy! Recently learned; a false appraisal obtained by original mortgagee to get approved FHA! I never realized the condo was not FHA worthy or it wouldn’t have fit the requirements of HUD. HUD Investigation complaint got me nowhere don't require specific appliances. LIE! I’ve been screwed BIG TIME BY HUD, and 2 major banks! No one is being held accountable; living like an animal for 3 yrs now; never late; good credit! Opinions, anyone?

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Ron Thomas’ answer
Brigantine's proximity to Atlantic City is a contributing factor: (just an observation.)

I never like saying this, but you may have no other recourse but to consult an Attorney:
If you walk away from it, you will bear all the bad things on your shoulders, (one way or another).

It is 20/20 hindsight to say that you picked the wrong Condo and the wrong HOA.

The only option that I can think of is renting it out for a while:
You can't have that much of a monthly payment,
And even if the rent doesn't cover your PITI, a few hundred would be worth it!

Please don't blame HUD, they are helping a lot of people and you can't blame them for the mess that someone has created. In fact, HUD may be your best path to another house or condo. Talk to a Realtor and Loan rep.
You may want to talk to a Mortgage guy now, to find out if you can get another place, (with this rented out) before your credit goes down the tube.A good guy that I respect a lot is; Shane Milne at; shane@thebesthomeloans.com He answers a lot of questions here on Trulia.

This is where I get up on a soapbox and tell everyone why I don't recommend Condos and actually HOA's in general. You've provided the evidence.

Good luck and may God bless
1 vote Thank Flag Link Sun Jul 10, 2011
Thanks, Ron....however no one would rent it without a way to cook as well; the big catch! I did think of that as well....and I am paying $1600.00 a month right now for mortgage, dues and assessments and they will go higher. I'll try your contact! Thank you so much! ;) PS.....I'll never buy here again....too much rift-raft going on...and market hasn't even bottomed out yet...we haven't seen the worst to come in my opinion!
0 votes Thank Flag Link Sun Jul 10, 2011
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