You owe 162k, what is the current monthly payment? Is that on a 30 year fixed or another type of note? Sounds adjustable to me.
Why do you use the word rent in one sentence and mortgage in the other? You do not rent a condo from a bank. You borrow money to purchase the condo from the bank. If you see this as paying rent, then you should just leave the property now, walk away, and be done with this situation.
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