What should I do? I bought a 2 bed 2 bath condo in 2005, in San Jose, Ca. At the time….?
I was really young and didn’t have any experience in buying homes, so I got screwed in one of those “arms” of which I didn’t exactly understand when I signed my life away. My rate has just adjusted, adding an extra 800 to my current mortgage of 2400.Hoa is another 250. I am paying $ 3450 for a 2 bed , 2 bath condo which is absolutely ridiculous. Fortunately, I am able to make the payments however I feel that for this much money, I can live in a much nicer single family home with more bedrooms.Refinancing is out of the question, I have spoke to many loan companies and because the value of the condo has dropped about 50,000, I would have to pay alot of money to refi.Renting the property out and buying a single family home wouldn’t help because I would be able to rent it out for about 1800 max. (ridiculous) .I am thinking of foreclosing the property and taking a hit on my credit score of 807. I don’t have a cash flow problem, I just wan t to get rid of the condo.