I have requested my management company to go for a short sale, now that I understand what a short sale is as we don't have that option here in the UK. Thanks to every one for your advice, it has been very helpful. My situation came about as a result of being sold the property in the first place with promises of a certain level in rentral income, which did not materialise, and also not been told of all the necessary association fees that it invovled. I was given a fixed mortgage, which I later found out was not the same as fixed mortgages in the UK The morgage was fixed for 5 years but increases every year up to the f5th year (but the rental was not increasing) unlike in the UK where the mortgage is fixed for 5years and stays at the same figure for the 5 year period. This is a learning curve and once again thank you for all your advice.
g. dacosta - Sun Aug 17 2008, 00:08
MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.