My jurisdiction is: Fort Myers, Florida
I rent and reside in California but my question concerns unraveling a loan on an investment rental property in Fort Myers Florida.
I purchased three condos there in 2006 when times were much better economically. Two purchased back to back and the third about six months later.
Since then renters have become scarce and so has my employment. Short sales are in the works on the first two units which both reside in a now bankrupt association run complex. The bank is willing to work with me and a few other poor investors there due to special circumstances.
My problem is the third condo. Located in a different complex with a solvent association it is still similar to the other two economically. Value has dropped and can only rent for less than half my monthly cost. I need out.
When the underwriter approved me for the third condo my loan payments now nearly equalled my gross monthly income. I made $42,000 a year and got $379,000 in mortgage loans. I was being aggressive and obviously so was the bank. These were stated income loans that were all interest only firsts and seconds on each property.
I have made no contact with the lender on the third condo so far. My loans have been sold along way. Can I hold the lender responsible? What can I do to get out?
I rent and reside in California but my question concerns unraveling a loan on an investment rental property in Fort Myers Florida.
I purchased three condos there in 2006 when times were much better economically. Two purchased back to back and the third about six months later.
Since then renters have become scarce and so has my employment. Short sales are in the works on the first two units which both reside in a now bankrupt association run complex. The bank is willing to work with me and a few other poor investors there due to special circumstances.
My problem is the third condo. Located in a different complex with a solvent association it is still similar to the other two economically. Value has dropped and can only rent for less than half my monthly cost. I need out.
When the underwriter approved me for the third condo my loan payments now nearly equalled my gross monthly income. I made $42,000 a year and got $379,000 in mortgage loans. I was being aggressive and obviously so was the bank. These were stated income loans that were all interest only firsts and seconds on each property.
I have made no contact with the lender on the third condo so far. My loans have been sold along way. Can I hold the lender responsible? What can I do to get out?
Last edited:
