My apartment has dropped in value
Submitted by marenales on Sat, 09/06/2008 - 1:04pm.
My apartment has dropped in value drastically. I bought it for 270k and now according to ZILLOW.COM and the market radar around the area should be selling for 160k approximately. I really want to just walk away and forget this nightmare. But there are some issues that I would like to know before doing this.
1) I refinanced my first loan (02/2007) but not the second one. Now I owe 280k including the 2nd mortagage of (54k).
2) There is a HOA that i have to pay every month. ($300 dls.)
3) I have CC debts.
What should I do? Can I just walk away? or the fact that I refinanced will affect this decision. Please any advice or suggestion will be appreciate it.
Rohnert Park, CA
Comments:
A couple of questions:
- When you refinanced the first, did you already have the second?
- If so was this second used to purchase the property, and did the second agree to "subordinate" to the new first?
Post new comment