Hello,
I am currently going through a divorce with one child involved. I have a condo that I purchased before I was married for about $120k, and currently owe 96k. I'm able to keep up with my payments, but any expense (need a car soon) will make me unable to meet my committments. A big problem on this end is the cult like HOA. My mortgage is $730 a month and the home owners dues are a staggering $610 a month. The HOA is out of control and rubber stamps any new spending while the fees have been consistently increasing year after year. This is so out of hand, it's crippled sale prices in my area with sale prices about $30k less than comparable condos in the area. The highest I've seen a condo sell for lately is 70k, while I owe 96k. To even meet the 70k sale price, I'd have to pay to have a few things fixed which I can't afford.
At this point, I don't think the condo will ever be an asset. The homeowners fees keep increasing and is destroying what little hope I have for selling and what little hopes I had for equity.
I'd like to pursue a short sale or a deed in lieu, but would I qualify since I'm making payments on time? I have a few thousand in savings that I was keeping to possibly cover a shortfall in a sale, but now I realize it's not possible to have enough cash to fill such a large gap. Would a strategic default be practical in this situation?
Submitted June 13, 2017 at 09:57AM by rescue14 http://ift.tt/2thuG30
