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Stuck with Investment |
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My husband and I have an investment property (condo) in Florida. 50 other owners have walked out, due to high HOA. Now HOA is very high for rest of owners paying. Cant sell it- nobody wants to buy property. We havent finished paying off mortgage and we are losing so much money. The HOA is too high to pay, should we walk out as well and risk destroying our credit? Should I divorce my husband to save my credit (since it the loan is in his name)? Please help !!!! We dont know what to do with this bad decision. |
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I don't know what you can do either, though I do think divorce is a pretty drastic step, and probably wouldn't do your credit record much good in any event. You don't say who holds the mortgage, but these days lenders are more amenable to working something out than they used to be, in hopes of forestalling foreclosures. Try talking with them, is about all I can suggest.
Outside of that -- you'll just have to figure that all investment entails risk, and this time you lost. |
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Edith
Originally published on January 28, 2008 |
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