Posted on: 29th Jan, 2010 11:29 am
i have a condo with a total mortgage (1st & 2nd ) of 180,000. my condo would not sell for more than 160,000 and i would need to make app 10,000 in updates/repairs to sell. credit score 680. credit cards were "0", now $11,000 due to 3 months of unemployment. i could pay those off this year. starting work next week with income of $70,000. i've been struggling with total $1,700 in monthly mortgage payments. can't refinance because i'm upside on house. i could be 20 years trying to get out from under this.
monthly mortgage payments total: $1,700
1st: 1,100. 2nd is 400. hoa fees: 200.
i've been advised by many to declare bankruptcy. what should i do?
allow lender to take condo? short sale? bankruptcy?
mek
"mkomraus@comcast.net"
[size=9:6462cce8cf][color=red:6462cce8cf][email address deactivated as per forum rules][/color:6462cce8cf][/size:6462cce8cf]
monthly mortgage payments total: $1,700
1st: 1,100. 2nd is 400. hoa fees: 200.
i've been advised by many to declare bankruptcy. what should i do?
allow lender to take condo? short sale? bankruptcy?
mek
"mkomraus@comcast.net"
[size=9:6462cce8cf][color=red:6462cce8cf][email address deactivated as per forum rules][/color:6462cce8cf][/size:6462cce8cf]
MEK, I'm very interested to see the answers you get to this question from people who are far more qualified than me. I'm sorry that you are going through such tough times, and good luck on the road to recovery.