Posted on: 13th Jun, 2009 03:11 pm
My sister bought a condo for $390,000 2 1/2 years ago before she sold here primary condo in the same area. She thought it would be only a few months before she could sell the 1st primary and then have only one primary since both properties are within traveling distance of her work. In two years she has had the original condo for sale, she has not received one offer and has reduced the price 3 times. The new condo has declined in value to $270,000. She has put 30,000 down and paid the Pricipal and interest for 2 1/2 years through donations from relatives. She cannot do deed in lieubecause of owning the two places. How can she get out of this mess? She needs the bank to forgive the $100,000 and modify the loan on the second. Is that possible?
That is asking a lot. Seems like a longshot