My story. Upside down.

[dunginhawk]

Good afternoon/. Here is my problem.
I owe 131k on my townhome. Units have sold recently for 115-123. I have come to the realization that if I want to sell, I need to come up with money. I have since saved 11k to offset this cost. I have to get rid of this place soon. I am getting engaged, and my soon to be fiance is in a smilar situation, but we have agreed to move in to her place.
Let me also mention that I can NOT rent my place, it is against the association rules.

I can not afford to hire a realtor and pay even 5-7% on top of losing 10-15k on the home itself. I am having my second open house as we speak, with only 1 visitor. Im trying FSBO, because I can clearly not afford a realtor.

I have not contacted my lender, mainly because I havent missed a payment, have a stable job (i hope), and can afford my payments.
I do not want to damage my credit, which is mid 700s, but I am finding a hard time thinking of other options. Citi (lender) is not going to mod my loan etc.

I am hoping someone here can assist me in finding a better solution.
Thanks

Ryan

[Moe Bedard]

Hey Ryan and thanks for joing the forum. Sorry it took a bit to get to this post.

It is going to be tough to get help unless you do it just as you have planned or if you decide to be late and or go in default. Those may be your only options. You are trying to protect your credit and they know this. Hence, they are betting that you will do what it takes to preserve your credit score etc.

Unfortunately this is business and they are debt collectors and you have money plus good credit. You are a prime candidate to keep paying them. That candidate is hard to find these days.

In the end, you will have to make a choice, throw good money after bad money with NO guarantees or screw the credit and save that cash for your new wife and life??? Credit will not by food and pay rent these days. Only cash and cash will be rare in the coming years...mark my words.