Buying or Selling a Home/condos
My daughter lives in Colorado bought a condo 10 years ago. Owes 104,000.00 on it but it is now worth about 60,000.00. How can she get out of it without ruining her credit?
There really is no way for her to get out without hurting her credit.
I would tell her to try to use the Harp program and see if she can qualify to get an interest reduction so she just has to pay less a month.
She could go the short sale route, but that will hurt her credit pretty bad, not as bad as a foreclosure though.
If need be she could at least rent the home out if need be hopefully for her mortgage payment then wait till the market comes back and sell.
Worst case is she would sell the condo and have to bring money to the table at closing so she doesn't hurt her credit.
Hope some of that helped.