Florida Condo Coversion Problem

[jayflorida]

Hello

I bought a condo conversion in the Tampa area in the summer of 2006.
At the time it seemed like a good idea. I was fresh out of college with my first job and the sales guy at the development was eager to help me purchase my first home by offering many different options that were " the same monthly payment amount as rent would be"

This is how things looked back then (2006)

- I had my current job for 4 months when purchasing the condo
- I only had $6,000 total in the bank

The sales guy told me not to worry because there was a Florida first time buyers program that i could get and i would also qualify for $10,000 in assistance for closing costs. I told him i only planned on living there for 2 years. He assured me that the development was almost sold out and the prices would only go higher and higher so i would be stupid not to buy the place.

I purchased the place using the first time buyers program at a 30 yr fixed rate.
The loan was 100% financed with the $10,000 extra for closing cost.
I also pay PMI every month on the loan.
aprox: $180,000 total loan

My payments including the ever increasing HOA fees are over $1500 a month.

Now in 2009 i find my home and development in deterioration. The payments each month drain my earnings. I find myself locked because I cant sell the place its upside down and by A LOT! Other units just like mine are selling and foreclosing at $55,000. I also am supposed to live in the place because the first time buyers program is at breach if I move out or rent it out.

I feel completely taken advantage of by greedy developers and banks who are out to make a killing on people.

I did some research and found that only about 1/4 of the development was actually sold to home buyers.
I also found out that my same unit was sold to other buyers by the developer at an insane amount $299,000 for a 2bed condo conversion!!!! Price inflation???

It just seems like my dream i had when i was 24yrs old is now shattered and im left with a loan 3X the value of my condo without a clue what to do!!!

Im now on the verge of leaving it behind so I can atleast save my work earnings instead of painfully watching my money evaporate!!

Can anyone give me some advice or direction on what to do?

also, I strongly believe there was some type of fraud committed by this developer, there is absolutely no way that my place would ever appraise at $180,000 or $299,000!!


Thanks for taking the time to read!

[Marshall Rosenbach Esq.]

I am sorry to hear about your situation. You potentially have a claim against the developer provided he made misrepresentations to you upon which you reasonably relied to close on the purchase. Is the developer still in business?

[jayflorida]

Thank you for the response!


Yes the developer is still in business and is based out of the South Florida area.
Looking back, the entire deal seemed fishy yet i was naive and young.