Money Mortgage experts: need some help - Page 2

**The Bad Guy** · 09-08-2008, 03:41 PM

One of my best friends is in a huge bind down in Northern VA.

He purchased a condo 4 years ago on an interest only loan. At the time, things were booming down here. He knew he wouldn't live in VA forever, so he took that loan thinking he could make some coin when he left.

He miscalculated.

His wife just had a baby in April and they are dying to move down to North Carolina to be with family.

Problem is, he has few options with the condo. He would owe 80 grand at closing right now due to the nosedive the place took.

Does he have any real options that won't ruin his credit? He can pay the mortgage every month, but he just wants to get out of here.

(and no, this "friend" isn't me. I was smart enough to stay away from the real estate market down here and just rented).

Thanks in advance for any help. He's pulling his hair out trying to come up with something.

**SAUTO** · 09-08-2008, 07:10 PM

Quote:

Originally Posted by The Bad Guy

Sure is.

Never buy real estate on an interest only loan.

For the short sale, how can he live rent free?

by not making paymenst until they foreclose.

09-08-2008, 03:41 PM
The Bad Guy Scott Pioli Join Date: Jan 2001 Location: The Copacobana Casino cash: $9283645	Mortgage experts: need some help One of my best friends is in a huge bind down in Northern VA. He purchased a condo 4 years ago on an interest only loan. At the time, things were booming down here. He knew he wouldn't live in VA forever, so he took that loan thinking he could make some coin when he left. He miscalculated. His wife just had a baby in April and they are dying to move down to North Carolina to be with family. Problem is, he has few options with the condo. He would owe 80 grand at closing right now due to the nosedive the place took. Does he have any real options that won't ruin his credit? He can pay the mortgage every month, but he just wants to get out of here. (and no, this "friend" isn't me. I was smart enough to stay away from the real estate market down here and just rented). Thanks in advance for any help. He's pulling his hair out trying to come up with something.
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