Unsellable condo due to condo mortgage rules, are there options besides foreclosure

[Bailey]

My husband and I are trying to sell our condo. We currently have a mortgage through WaMu. We had a well-qualified buyer that had to walk away because she was unable to secure financing (FHA or conventional) because there is a condo mortgage rule that limits the amount of commercial space in a condo building. Our real estate attorney and realtor both agree that we are stuck (unless we get a cash buyer...hahaha) until the rules change.

My husband has relocated and commutes 100 miles total each day. We have to move, but can't sell. We don't want to rent it out because we can't rent it for anywhere near what our mortgage payment is. We tried talking to the bank, but my husband keeps getting hung up on. Yes, they actually are hanging up as soon as he describes our situation.

Do we have any options besides walking away? We don't want to foreclose because we want to buy a house soon and don't want to ruin our credit. Our credit is excellent.

[Evan Bedard]

Hi Bailey welcome and thank you for joining.

Do we have any options besides walking away? We don't want to foreclose because we want to buy a house soon and don't want to ruin our credit. Our credit is excellent.

Maybe you can try to get a loan modification to make the monthly payments lower and rent the home out. Or possibly even lower the asking price to try and get an easy sale..