Advice on Convoluted situation
I'm looking for any advice on my current situation, as it seems very unique. I'll bullet point the stats first, then share my thoughts.current stats:-50% owner (other 50% is ex-wife) of Condo renting at $1575/month-Have 2 mortgages on home (used to be primary residence until divorce in 2008): -first is at $203,000 with BOA -second is at $41,000 with USAA-lastly, the condo fees each month are $486 -total monthly obligations add up to $2440.-Current market value is around $150,000I currently rent another apt as my place of residence for $1100/month (my ex does something similar for about that much).Neither of us can afford to live in the condo by ourselves, nor do either one of us want to from an emotional standpoint.That being said, we're both more than willing to just get rid of the place. Do we try to short sale? foreclose? Take the hit on the credit? Are their other options?Thanks for any and all suggestions. I'm all ears...warm regards-dave by dareyno2 from Vienna, Virginia. Jul 13th 2010
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
Hello. It would appear you have TWO options that would make sense. The first would be to attempt to do a loan modification. This may or may not be possible because it is now a "non-owner occupied" residence. If you are successful in the modification, you could then rent the unit out each month and become a landlord. Call your lender and discuss the options. Second option would be to list your home as a short sale and get from under the entire obligation. This may be your best option since you and your ex are not together. If you choose this option, you would need a knowledgeable realtor in your area walk you through this process. I have an excellent realtor that I could refer you to if interested. I can be reached at adennie@fmbranch.com. Hope this helps.
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