Posts Tagged ‘Liabilities’

Upside Down in Condo?

The condo I bought in 06 is worth about $80,000 less than I paid. The developer owner has approx 30 properties unsold and it appears that they did not budget well for reserves and though still on the property are about to pass about $100,000 in debt to the owners in the form of a double condo fee. Many people already have crazy loans from during the bubble, and the community already has owners going into foreclosure. There are lots of management issues and building issues due to the renovations being done by several contractors. The condo management is basically tied to the developer owner as that is who hired the company. What was once affordable is now quickly becoming unaffordable and the situation very scary and uncertain-we although being well over 300 owners have not found a way to come together to be heard by our board to protect our interest. I want to either find a way to modify my loan to try to hang on-or find a way to walk a way that leave me completely out of the property and able to move on. I might be able to rent it out a make my mortgage and condo fee right now but if it goes up again it will be much harder-the next increase will make it triple in less than three years. I would also like advice on help making the developer owner pay for the liabilities that they are leaving for us-they still own about 20 apartment buildings adjacent to the condos.

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