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Upside-down in my condo and trying to sell

My wife and I were trying to sell our condo, but after speaking to a real estate agent, we found out that we were upside-down in our home (owing more than what it's worth). We tried to get a short sale, but our credit union does not do short sales. We can't rent it because we wouldn't be able to charge the rent to cover the mortgage. I'm wondering if there is something else we could do? Any help would be appreciated! Thanks!
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March 16 2012 - Upper Marlboro
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Before I could truly begin to provide any good advice I would need a few more questions answered.  Even then I may still be in the dark.   I suggest you try contacting the Maryland Hope Now program.  MDHope is a non for profit program that should be able to help you.
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March 18 2012
And if you don't want to hire an appraiser, at least get CMA's from a couple more real estate agents. Of course, you can look at what has sold recently and get a pretty good idea of value. If you have a high interest rate on your loan, a refi might bring your payments down lower.
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March 17 2012
Hi User54....
Sorry to hear about your situation, there are many of us in similar situations, including me. I ended up renting mine, found a great tenant (knock on wood) but then had to pay 6K for new A/C, new dryer, then the fridge went out, then the dishwasher all in the first year...WOW. lol  What can ya do?
Your options are fairly cut and dried. Stay in the condo, rent it for the slight negative, or walk away. Not the best options, for sure, and walking away could be very costly in terms of $$$ and credit rating. IF you MUST move, your best option, in my opinion, is renting and hoping the market turns around soon.
With National Harbor up and coming, it may not be that long til things turn around in PG county.
I agree with Johnson, too...make sure you understand completely all the numbers. Perhaps hire an appraiser yourself to verify the values and numbers the real estate agent mentioned.
I wish you the best, Jim
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March 17 2012
Sorry to hear about your strugles, unfortunately you are not alone as Cindy mentioned.
The first thing you should IMMEDIATELY make sure you know are the numbers associated with your property. i.e. rent, sale, upside down, LTV...etc
It seems selling is not feasible and your Credit Union will not short sale but they are still a few other options that might work out, such as a lease option. Lease options can be a win-win situation for all involved if successfully done right.
Foreclosure is not pleasant and should be the last resort.
If you need help with this, [email deleted by Zillow moderator. Please see our Good Neighbhor Policy]
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March 16 2012
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You can still rent it out. If you look at it as an investment that the tenant would be paying most of it would not hurt so bad to pay some money towards the condo every month.

Just because you rent for less than the mortgage does not mean you will be losing money. You are paying for an investment. Perhaps in the future you will even be able to sell it and make some money. Do not forget that given time rents will likely rise. That could turn the numbers around in time.

You are still in the same situation. You either have to live there, bring money to pay the mortgage off when you sell or rent the condo. Which one looks best to you?
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March 16 2012
Very tough spot you are in, sad to hear so many people struggling like this.

So you don't think you can rent your condo for anywhere close to the amount you pay each month? What do you pay a month? What would it rent for? How upside down are you? I doubt there are any options that don't either harm your credit, leave you needing to bring money to the closing table, or leave you short every month on the mortgage, but knowing the rough numbers might help some of the professionals come up with ideas.
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March 16 2012
 
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