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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.
3 Answers
- ☺ Jaker Maker ☺Lv 51 decade agoFavorite Answer
*Edited*
Since you can't live there and the lawsuit is impractical, I'd try to see if a relative can live there without being included under the rental caps. Even an adult child living there with a contributing roommate might offset the expenses until the market picks back up.
Forget refinancing for affordability; why refinance on an empty property. So, maybe also look into the advantages at selling at a loss and absorbing the debt over handing the keys to the bank; at least now there will be fewer units for sale than earlier.
Another idea may be a swap. This sounds far-fetched, but you could do some looking around to see if anyone is in the market for a condo; you could 'swap' properties (even if this is for a slight loss) to obtain a new property that is 'rentable'. It's been done.
- PeilthetravelerLv 51 decade ago
Talk to the other 1/4 of the condo owners and get them to chip in for that 10k. If there are 20 other people like you, thats only 500 bucks each you need to come up with.
- opinionatorLv 51 decade ago
Talk to your lawyer about incorporating yourself and making all of your assets, dwellings, cars, etc. property of the corporation. This way you may be able to sell the condo for a loss and write the loss off as a loss in your taxes, effectively recouping all or part of the loss This may or may not work for you given your income and your situation but it is worth investigating. You may need to consult a tax law or corporate law specialist.
