Asked by victor212, Orlando, FL • Thu Jan 17, 2013
Momâ€™s 1BR/1BA condo in Hunter's Creek. She paid 147K during the frenzy. Put down 40K, borrowed 107K. Mortgage balance around 100K now. She never missed a mortgage/HOA/condo maint payment to date. Mom credit is 800 ...Only Mom is on the loan paperwork. We are both on the title, Life Estate title, shes the owner, and I'm the remainder-man?? Mom has stage 1 dimentia, and required to be moved into an assisted living, which absorbs 95% of her income. The condo must be rented or eliminated. leaving $300 leftover. Based on website comps, the Option 1-condo could short sale for 75K minus closing fees end up with 67K. Will Citibank accept a 33K hit? option 2- rent condo out for 750-800/month, but it costs 1000/month to operate with HOA and maint fees..so lose 200/month. Option 3-stop mortgage payments, keep paying HOA, property taxes, maint Fees, collect 800 rent until foreclosure in 2014. This will destroy mom credit, but with Medicaid or self-pay in her future should I care? thx Victor
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