Npa

Thanks Jane, yes i am an investor, this was my first, and probably last real estate investment. I am not planing to rent the unit out because I dont want to foreclose on someone, that is happening too much. I will get a 1099 most likely as it is not my primary residence. - Mon May 19 2008, 12:12

Thanks Bill,

At the last meeting our property management company said they were dropping us due to non-payment, but they did waive the 6 months of back payments. Nice of them, but now we don’t even have a property management company. As far as hiring an outside management company, being that the association owes so much I don’t think anyone would take the job without being paid first (I wouldn’t)
I guess that means we are self managing. The condo board members floated two options.
1. Bankruptcy protection (chapter 13?) for corporations…that may keep the city from shutting off the water.
2. Short sale the entire complex, try to find a buyer to offer a per sq ft bid for all the units and turn it (back) into an apartment complex. Problem is you’d have to get all the banks and owners to agree on that.

There isn’t much of a sense of “community” as most owners are investors like me and are now in defense mode…

Personally, I get it that my credit will be sacrificed if I let this unit go into foreclosure. I could try to pursue a deed in lieu but I don’t think my lender wants to take over this unit any more than I want to keep it. However, if I point out there going to get it regardless and they can save a lot of time and attorney costs perhaps they’d be open. I’ve been told that deficiency judgments haven’t been too prevalent in the foreclosure mess so far but as banks get desperate they may start going after them.

It’s really a shame because those of us who are being responsible and up to date with all the special assessments, dues, etc. are shouldering the burden.

-npa - Mon May 19 2008, 08:34