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Old 02-08-2011, 08:24 PM   #7
naniochephics
 
Join Date: Jan 2011
Location: Jordan
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Ahh, homeowners associations.

I'm not sure if you are allowed to do this with a mortgage, but perhaps you could work out with your bank to make interest only payments for a while? Granted, if you are early into the term it will not lower your payments by much, maybe a couple hundred dollars a month, but it could make it more tolerable to your bottom line until the market recovers.
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Old 02-08-2011, 08:24 PM   #8
owenshyena
 
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In Canada a condo association is allowed to have a max % of rentals in the by-laws, but if push comes to shove, they can not legally stop you if you have to rent the condo to stave off financial hardship. Maybe you have a similar clause in the American condo act? I would ask a expert on Strata law.
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Old 02-24-2011, 07:55 AM   #9
ronicolman
 
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WOW, are you in a pickle !!! Now, I am assuming you and your husband are both on the note and you are in a community property state and have co-mingled your funds without a prenuptial agreement. As most of us have done !!!
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Old 03-18-2011, 10:31 AM   #10
halstonwind
 
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Foreclosure does a lot of damage to your credit score. On future mortgage applications you have to report to the bank that you had lost a home due to foreclosure.
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Old 08-16-2011, 06:01 PM   #11
Miamihomes
 
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Foreclosures usually stay in your credit for around 5 to 7 years
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Old 09-06-2011, 07:11 AM   #12
Bilge
 
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Foreclosure is far from the worst thing that could ever happen to you. If your home ends up in foreclosure, chances are there are lots of things you should thank your lucky stars for: your family, your health and your good looks. Foreclosure doesn't mean you are irresponsible or not deserving of prosperity. It can be the result of an unwise decision, bad timing or unfortunate life events. Nevertheless, foreclosure and its first cousins, missed mortgage payments and short sales, do have credit, legal and tax consequences.
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