I don't know what to do about a bad investment and my son's future?

[mntndo]

You could let it go into foreclosure and deal with the bad credit; try to get the bank to do a short sale (sell it for less than what you owe and get you off the hook), or just sell it for a loss and pay the bank the difference. It doesn't sound like a bank would let you do a short sale but you could ask anyway and hope they do. Your best bet otherwise is to let it go into foreclosure because you will be stuck there for at least 30 years trying to break even and you don't like it there. Consider renting it out for a loss also.

Condo's are the worst investment at market peaks because they will drop the furthest, so expect your price to drop even more, like 10% of it's original value. Be forewarn, don't wait much longer to make a decision.

 

[Tijuana_girl]

I bought a condominium in Pomona in the peak of the inflation, now it's worth less than half of what I payed. To top it all of there are several drug dealers living there and allot of very loud and annoying people. I never let my son play outside or make friends with those drug dealing parents kids. Almost all my salary goes to paying the mortgage (almost 2 thousand) to live there, my worry is that I don;t know if I can continue to pay a private school for my son outside of that area because of $$ issues and I don;t want him to grow up in that atmosphere with people with those values or criminal records, i want him to deal with kids with similar background than me. I need advise should I just stop making payments and let the condo go into foreclosure??, and then rent in a better area, with better school district?.
What do you all think?.
I lived 30 years of my life in Mexico and i just moved here because i got a good job offer as a shoe designer, I dind't know how things worked here, I had NO IDEA that you can have a "good area" right next to a "bad area", in Mexico the bad areas are way way far away from the good, here everything is right next to each other, i found out how bad it was after a couple of months of living there, and I bought it in the peak of the prices, that was the cheapest nicest place that I could find for 255 thousand, right now my concern is that I don;t want my son to grow up in that enviroment, you have too many gangs, cholos, white trash living togueter with good hard working people, it's funny how these loosers can manage to mix with good people because they relly on the goberment to pay for their expenses while we are busting our asses to get what they have for free, it's a funny country. I have double nationality and 2 houses in Mexico, I don;t loose my sleep if I let this home go

 

[daspook19]

Banks make deals on what they refer to as "distressed assets." Unfortunately, in most cases they are only working with people who are passed due rather than paying customers who's accounts are current. But you should call the bank first. Find out if there is anything they can do for you. Then evaluate your credit needs. Are there other forms of credit you need in the near future? If not, miss a payment and call them back. You may get help faster than you thought possible.

 

[Whatm]

you knew the payments would be this high when you bought the unit. the simple fact is that you agreed that the price you paid was fair for what you got. don't go around complaining now that it turns out that you could have saved a few dollars if you had waited a year.

and if you didn't want to live in that location, you never should have bought there in the first place. i find it difficult to believe that the entire demographics of your area changed so suddenly.

why not just sell the condo, take the loss, and move somewhere else? if nothing else, at least rent your new apartment before you actually fall behind in your payments on your condo - the shock to your credit score will be serious, and you might not qualify for an apartment with a low score.