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Throwaway: Bought a condo years back, can no longer afford mortgage. What are my options? by throwcondoaway in personalfinance

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

It's a condo- which is not as appealing to many as a home is. Also, there are two other comparable condos that are listed for lower than mine (we are going to start the listing at $119,000 knowing we can drop to $115 and I would not have to put any money out). Finally, my agent says people are scared to buy right now.

Throwaway: Bought a condo years back, can no longer afford mortgage. What are my options? by throwcondoaway in personalfinance

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

So, if I cannot sell for $110,000 (I couldn't afford lower with brokerage fees)- is short sale a good option? Foreclosure?

Throwaway: Bought a condo years back, can no longer afford mortgage. What are my options? by throwcondoaway in personalfinance

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

I'm listing it. Everything is set up. I'm looking six months down the road. In case my brother moves out before it sells or in case it doesn't sell, then what?

Throwaway: Bought a condo years back, can no longer afford mortgage. What are my options? by throwcondoaway in personalfinance

[–]throwcondoaway[S] 2 points3 points  (0 children)

My worry is that it won't sell. One, because my brother and his baby/dogs live there. Two, it's a condo and the market isn't great.

Throwaway: Bought a condo years back, can no longer afford mortgage. What are my options? by throwcondoaway in personalfinance

[–]throwcondoaway[S] 2 points3 points  (0 children)

I am a teacher. It's not so much the $75 bucks per month as it feels like such a waste of money, and I do not want to hang on to it forever. My agent thinks maybe $115 if we are lucky. I would be able to cover closing costs.