Foggy

Don't walk away. Run. We were in your situation 2 years ago, took a gamble and bought. Now the special assessment is up for a vote and, if it passes, we will likely end up paying about $60-$70K in special assessment for our unit - of which 40% needs to be paid within the first 90 days after the assessment is levied. The only bank who will work with us expects a repayment schedule of 6 yrs - which means our monthly payments in special assessments alone could be between $700-$800. Since our property value has decreased in the past two years since we bought we do not have the option to pull on an equity liine. In fact, we are already just at the cusp of being "under water" and the Special Assessment would just push us deeper in.
Given what we know now (i.e. that home values do NOT always go up as in recent years) we would not have bought our condo - as much as we love it - had we known these would have been the consequences/circumstances. - Thu Jun 18 2009, 23:58