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Author: Richthofen80 CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128014  
Subject: What should I do about my condo? Its underwater Date: 6/10/2008 10:47 AM
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Not literally. I own a small condo in a relatively bad neighborhood I bought in April 2006 for $190,000. Its now worth $150,000 or less, and I owe $180,000 on it. The neighborhood was better during the real estate run up but now its pretty bad. I also expected to stay here a lot longer but I may get married in the next two years. I can't really sell it because I don't have 30,000 in cash to cover the difference. Should I stay (monthly expenses $1400... to rent a comparible property would be about $1200), or take an unsecured loan for the difference and just get out? I'm afraid prices won't recover (in hindsight, they shouldn't recover because they were ridiculous to begin with). The price could go down further and I might never be able to leave.
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