Asked by Jovana, San Jose, CA • Sun Jun 6, 2010
I bought a condo in 2005 for 500K. Due to HOA litigation and overall market conditions the condo is now worth 300K. I have plenty of cash. Give me one good reason I shouldn't do a sttategic foreclosure? There is no good reason. So I am now in a process of buying a sweet home in Los Gatos for 800K. As soon as that is done, I am foreclosign on this piece of crap condo. And please, no ethical crap. The banks made a mess. They gave credit to everyone. Why would hardworking people like me, with great credit suffer? The only hit I will take is 200 points for 4-5 years. No biggie.
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