I bought a condo in Michigan in 2005. Its value has depreciated by 60-70% & I still owe about 80% loan. I moved out of Michigan in 2009 Jan and not lived in the condo since then.The condo association doesn't let me rent.So, since Jan 2009 untill now, I have been paying the mortgage [never defaulted] + association fee + utilities+prop tax, and not been living there or not renting. I had to take another job [military] recently and I'm not making 50% of what I was making before.Its becoming difficult to pay the Michigan condo related expenditure and living expenditure at the current location.
1. Is Short sale a good option for me?
2. Should I be a mortgage defaulter to be eligible for short sale? or not being a
mortgage defaulter, would the lending bank consider the short sale?