Sell underwater condo

[desertman]

Hi,

I have a condo worth about $280k. The primary loan on it is $230k, with a second HELOC of $65k.

Can I sell the condo? Do you think the second will negotiate?

thanks

[disneysteve]

Hi,

I have a condo worth about $280k. The primary loan on it is $230k, with a second HELOC of $65k.

Can I sell the condo? Do you think the second will negotiate?

You can try and do a short sale if both lenders will accept the terms.

Why do you want to sell?

[desertman]

Hi,

the reason for selling would be that I'm renting the property, and honestly it's a hassle. Also, the HELOC will be coming off 'interest only' soon. Plus, I don't like paying the HOA.

So, how do I go about doing a short sale, do I just contact the lenders and ask them?

thanks

[disneysteve]

Hi,

the reason for selling would be that I'm renting the property, and honestly it's a hassle.

Is the rent covering the mortgages?

[desertman]

The rent does not cover the mortgage completely. Short about $200.

[buildingmore]

lol. I read the title of this thread and thought it was some type of scuba thing.