Thread: Upsidedown: Looking for options

I think you need to contact any real estate agent and show him your mortgage papers and ask whether you will be able to sale this condo or not I think this is the best way to solve your problem.

First, it won't take 20 years for prices to come back.

Second, what you are describing (this recession) happens every 10-15 years. I don't understand why now is so different and everybody thinks it's

ok

to run away from their responsibilities. It is going to happen again.

Third, don't be so sure your credit will only be ruined for a couple of years. People are already finding out that the old guidelines for foreclosures and bankruptcies a don't work when you apply for a loan.

Originally Posted by uptoolayte

I bought a condo in Southern California with a roommate about 2.5 years ago for $330,000. now it's worth about $150,000. We make enough money to pay the mortgage but don't want to be stuck here for the next 20 years to reach actual equity. I've heard of short sales and what not but they all seem to require financial hardships. Am I just doomed to keep the house or are there options? I don't mind if my credit is ruined for a few years I just want out.
Thanks!

Get professional advise, probably legal, real estate salespeople, and mortgage.

You need as much help as you can get.

Thanks for all the responses, I will talk to a realtor about it. I know almost nothing about this stuff, what is the difference between realtors in the Yellow Pages and the guys you hear on the radio that promise good deals? Perhaps refinancing and renting out would be the only option.