Greetings to all....I am still trying to make the right decisions....
I have an investment condo in Florida that I am 4 months behind on....even when its rented its costing me around 800-900 per month to float each month..I am chasing good money to bad...Countrywide will not remodify the loan and I am pursuing a short sale and or a deed in lieu....if all else fails, I will let it go to foreclosure...My wife and I have good income and we live in our primary home for the most part struggle free....The big relief for me is that my wife is not on the condo loan at all....Its just in my name....I DO NOT want to pursue Capt 13 for myself if I dont have to....My thinking is let it foreclose, take the credit hit and move on....If I need to purchase anything major in the next few years, I will put in my wifes name....Our investments are in our IRA's and equity in my primary home....theres some cash laying around but not much and its in both names....My condo was purchased for 169,000....its selling for 69,000 now, I owe around 155,000 so there is a balance of around 85,000.....because my wife is not on the note, I am prepared to let it go....any thoughts on this decision?? Thankyou.
I have an investment condo in Florida that I am 4 months behind on....even when its rented its costing me around 800-900 per month to float each month..I am chasing good money to bad...Countrywide will not remodify the loan and I am pursuing a short sale and or a deed in lieu....if all else fails, I will let it go to foreclosure...My wife and I have good income and we live in our primary home for the most part struggle free....The big relief for me is that my wife is not on the condo loan at all....Its just in my name....I DO NOT want to pursue Capt 13 for myself if I dont have to....My thinking is let it foreclose, take the credit hit and move on....If I need to purchase anything major in the next few years, I will put in my wifes name....Our investments are in our IRA's and equity in my primary home....theres some cash laying around but not much and its in both names....My condo was purchased for 169,000....its selling for 69,000 now, I owe around 155,000 so there is a balance of around 85,000.....because my wife is not on the note, I am prepared to let it go....any thoughts on this decision?? Thankyou.
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