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Refinance or sell the condo.

My condo in San Jose is in litigation. HOA is suing the builder, and it is on-going right now. I had hard time finding any lender to refinance. I bought the condo about 6 years ago and price dropped significantly. If I try to sell, it would be hard to find all cash buyer. Any idea or suggestion on what to do if it would be better to sell now or keep it until the litigation is over. 
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July 16 2012 - San Jose
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Answers (1)

Hello,

Check with your HOA how long will it take to settle the litigation then see if you can hold that long.  Do you have equity on your condo to refinance? If you bought 6 years then chances are your house value is lower than your mortgage amount and hard to do refinance but check with your lender if you qualify for HARP refinance program.  If you dont qualify or cannot afford the mortgage payment for long then you can think about short sale also.

I hope this will help you! Good luck!
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July 16 2012
 
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