squawcreekrentals
New member
- Mar 15, 2009
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Hi There,
I bought a condo a couple years ago, and unfortunately, the price has plummetted to below what I owe by about $70,000. I'm thinking of just giving up and doing a short sell and losing my 6 figure downpayment. It sucks, but there seems to be no end to the vacation home market.
My question is, I have a good chunk of savings in a CD with the bank that I'd like to do a short sale with. The amount in my CD is MORE than the difference in my mortgage and the value of the condo (Mortgage $490,000, likely sale price $420,000 = $70,000). Do you think the bank will LET me short sale since I have a decent savings? And secondly, if I do a short sale, can the bank GO AFTER MY savings?
The condo was originally purchased for $815,000 in 2006. I bought it for $715,000 and now there are short sales at $430,000!
Thanks
I bought a condo a couple years ago, and unfortunately, the price has plummetted to below what I owe by about $70,000. I'm thinking of just giving up and doing a short sell and losing my 6 figure downpayment. It sucks, but there seems to be no end to the vacation home market.
My question is, I have a good chunk of savings in a CD with the bank that I'd like to do a short sale with. The amount in my CD is MORE than the difference in my mortgage and the value of the condo (Mortgage $490,000, likely sale price $420,000 = $70,000). Do you think the bank will LET me short sale since I have a decent savings? And secondly, if I do a short sale, can the bank GO AFTER MY savings?
The condo was originally purchased for $815,000 in 2006. I bought it for $715,000 and now there are short sales at $430,000!
Thanks