Posted by Irena on 7/26/2006, 8:17 am I own a property. It is a condominium in the Outer Banks, North Carolina. I purchased this property in October 2005 when the market was still “hot”. Now, as we all know, the real estate market has changed and the appreciation rate is not that great as we thought it will be. Anyway, my loan is structured as 100% financing, no down, no DOC, interest only. It is a killer, but the initial idea was to get into the property so I did. My total monthly payment is $1577 +Assoc/Fee of $220. Now I am one month behind with my payments and dealing with the bank to avoid a foreclosure. Condo is currently up for sale for $242,000. My mortgate balance is $229,000.
68.187.187.188
Hi George.
I need your advice.
What can I do???
Thanks.
Irena.
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