2nd Home problem

0 votes

I live in Idaho, but have a condo in Utah, which I purchased in 2006. At the time I thought it would be an investment. Now it has lost $30,000 in supposed value. My taxes have increased. So have the HOA fees. Even with the drop in market value, my taxes are higher then when I purchased the condo. It is becoming a burden to pay for this. My question is what is the best way to handle this? Should I walk away, so I can take care of things in Idaho? What are the steps to take to get the mortgage company to prove ownership? It was countrywide, which was bought by Bank of America. What is the best way to go about this problem? Also, I need a decent credit report. Not because I use credit much. But I am in a business that requires bonding. The bond company needs to see an operating line of credit. The bank checks my credit every year for their approval of the operating line, whether I use it or not. That makes for kind of a sticky situation. Even though I don't use credit any more, my lively hood requires a decent credit score.

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rule of law radio

http://ruleoflawradio.com/ has good legal discussions, some including foreclosure and lack of "wet ink signature" loan docs.

You probably need

professional advice. But we here at the Daily Paul always have our two cent opinion. LOL I say don't walk away from it will hurt your rating. Can you rent it out? You might try and get your taxes lowered on it, some have success others don't. Sell it at a loss, and take the lose on your taxes.
Good luck, maybe others will have some creative ideas for you.

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