Asked by Mariah, Jacksonville, FL • Mon Feb 4, 2008
My condo has depreciated approximately 35,000 since I purchased it 2 years ago. I cannot afford the payments on my own. I bring home less then what my mortgage payment is monthly. I've contacted the lender and they told me I must default on my payment before they can do anything further (i.e. short sale, deed en leiu)...I did 100% fiancing and looked into refiancing, but would still need to put down $35,000 since it will appraise for that now. I need advice on where to go from here -- if I sell, I still need to find a buyer as well as bring $$ to the table, if I refinance, I still have to find the difference amount and there's no guarantee the market will change. What do to from here?
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