I own a condo in San Diego that I am currently upside down on by about $75,000.?
I was transferred to New York and began renting out the unit and I bought a new house in New Jersey. I am comfortable with this arrangement and can meet my financial obligations. I just put a large chunk of money down on my new house and have pretty much no liquid assets left. I just received a letter from my mortgage company stating that my loan was a CalHFA loan and I am obligated, per the terms of my agreement (which I was not aware of) to maintain that property as my primary residence. If not, I have one month to obtain new financing or sell the property. I can not obtain new financing because who would finance a property for $ 75,000 more than it is worth? I can not sell because I could not pay the balance at closing. I just want to keep comfortably meeting my obligations as I am now. Isn’t this what is in the best interest of the mortgage company, the state of California, the real estate market, and me? Do I have any options?