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I purchased a townhome in Orlando in 2007. The market was already declining, so I thought I received a reasonable deal. I put 5% down. The house has reduced in value 44% thanks to 2 foreclosures in the development. I am considerably upside down ($100k). I relocated out of state for work where I make a good salary, but have virtually no money left to "live off" at the end of the month...I live with my significant other and don't even have a rent bill and yet I cannot even afford to contribute to a retirement account. I am current on my mortgage, have no credit card debt, an almost perfect credit score and because of my salary I do not qualify for any of the government programs. I would like to stop "spending" and start saving, so I am contemplating letting the bank foreclose on my house. Is this a reasonable idea? If I did not foreclose, how long will the 2 foreclosures impact the price of my unit...if my house netted the current average price per square foot for the entire neighborhood (not just the development), I could be out of the place in a year. Someone smarter than me, please answer?
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Walk and stop throwing your money away...lol
I would recommend speaking with an attorney to determine what the best choice would be for your specific situation. Only an attorney can offer you legal advice specific to your situtation.
You offered no real advice other than you should talk with someone offline.
It is my opinion that anyone that attemps to take conversations offline, usually indicates that they have nothing of value to offer. If on the other hand you do have something of value to offer ....Offer It...offer the advice and you will be suprised how many folks will seek you out!For Example:"Please keep in mind that with only 5% down on the unit when you purchased it, you likely are paying PMI (Private Mortgage Insurance) If this is true then there are things you should know and expect from day one....."This would have been a good opportunity to offer advice about what you shoudl know and or expect.If you are not going to provide advice on the forums be prepared to answer pointed questions from lenders and agents that participate on the threads. You can always choose to ignore the questions!
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For Sale: $120,000
For Sale: $199,900