What do we do about this condo?
Four years ago we bought a condo as a rental property.
We still owe about 2/3 of what we paid for it.
The condo association has changed the rules and says that we are no longer allowed to rent it.
Our lawyer says 2 years and $10K and maybe we can get the associations rules changed back. (Way too expensive).
About 1/4 of the units in the condo project were rentals, and, of course they are all up for sale now.
We have the condo up for sale for what we owe on it. It probably won't sell, as similar units are going for much less.
We have another house we live in.
We really can't afford the payments on the condo without some rental income.
We have had excellent credit up till now.
The mortgage company says its our problem, they just want their money.
Can't rent it.
Can't sell it.
Don't need it to live in.
What options do we have besides foreclosure?
The association's new rule limits the number of units that can be rented to 10%. We obviously aren't part of that 10%. So there are potentially 15% of the owners who could join in a law suit. Problem is, we have no way of identifying or contacting them. The association won't tell us anything. With work and all going door to door is just too time consuming and impractical and probably wouldn't locate everybody anyway.
And its not just the cost of the lawsuit. Its the time. We can't really afford two years of association dues and mortgage payments without rental income.
We have a larger family and the condo is too small to accommodate us, so we can't move there.