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I bought a condo 5 years ago, thinking we would be able to sell.

I bought a condo 5 years ago, thinking we would be able to sell.  It is now worth less than half of what we paid.  Shady characters are moving in the building, we have a toddler and need more space.  I was told my only option is renting this out and rening somewhere else at the same time.  We can't afford to pay for two places.  Honesty I want to move from here and never have to think of this place ever again.  Is this my only option? If it is where do I start?
  • October 13 2012 - Fall River
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Answers (1)

Rent, short sale sounds like some options. This is a hard question to really answer with out a bunch more details. Have you tried to see if you can qualify for a new mortgage on a new place? 
Do you have any money saved up? Family you can live with for 6 months? 
IF you can live somewhere else, rent out the property and show rent for 6 months it helps with your debt to ratio income giving you a bit more room to purchase a new one. 
I would suggest talking to a local agent who knows the area and can help you "get creative" on how to solve you present problem. If you need a good reference I am happy to give you a few good folks to contact out in your area. 
Sarah
  • October 15 2012
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