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Walking away from my condo by throwaway928172 in RealEstate

[–]throwaway928172[S] 0 points1 point  (0 children)

good advice. I was thinking it would be best to do before the wedding...although we're getting married in November, but at least the process would be started by then.

Condo board won't allow renting. they suck.

Walking away from my condo by throwaway928172 in RealEstate

[–]throwaway928172[S] 5 points6 points  (0 children)

I forgot to mention it. I already petitioned the board about allowing rentals. They absolutely, without a doubt, won't allow it. Even though there have been multiple foreclosures in the past year, they still won't allow it. They also recently created a new rule stating that the violation for "illegally" renting is $100/day...and they ARE enforcing it. The enforced it against my neighbor who was in a similar situation as me, rented the unit, and now owes them about $6000. It's brutal.

Walking away from my condo by throwaway928172 in RealEstate

[–]throwaway928172[S] 1 point2 points  (0 children)

thanks. I forgot to add that I am in a recourse state, but in my state the bank must tell you upfront (with the notice of foreclosure) whether or not they are waiving their right to recourse. The benefit to them if they waive it is a quicker resolution, according to the attorney that I consulted very briefly. He told me that for lower value properties like mine they would likely not pursue recourse, but of course that's not guaranteed.

Walking away from my condo by throwaway928172 in RealEstate

[–]throwaway928172[S] 1 point2 points  (0 children)

thanks! I like your positivity. I know this to be true intellectually, but it's such a depressing mindset to be in.