Question:

What are the cons of letting your property go?

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I own a condo and am unable to refinance due to the high monthly payments that I will end up with (I am on an adjustable right now). My condo is on the market (maybe less than 2 weeks). Well we seen a house that we are very interested in and were thinking to buy it and let the condo go. Any advice???

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2 ANSWERS


  1. Better get the new house purchased before you let the condo go.  You will have rotten credit for many years.  Also consult a real estate attorney to be sure you won't be personally liable if the condo is later sold for less than you owed.


  2. Depending on your overall financial situation, credit scores, and whether all of your payments are current, you might find it pretty hard to get a mortgage on another house while you still have the condo loan - that will show when they pull your credit, plus you'll have to show it when you apply for the mortgage.  Your debt to income ratio will very possibly be beyond what you can have and get another mortgage.

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