Reply to Tell me how to get out of my underwater house

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[quote=Anonymous]I think there might be some confusion about who's who here. I am the PP who hates the condo and plans to sell despite being underwater... not the OP, who doesn't seem to have posted recently.

[quote=Anonymous]Sounds like you could rent it out and come closer to breaking even than having to bring $50-60K to the table (the $30-40K that you're underwater plus sales commissions).  Have you considered renting it for a year or two while you move somewhere more amenable and then selling when the market recovers?[/quote]

I have thought about it, and this is what we might have to do if the condo doesn't sell, but it would be a last resort. There are a few reasons I haven't seriously considered it:

--I could not be less interested in being a landlord.
--We'd probably still lose $400 a month.
--Values for these condos have declined significantly every year, with no sign yet of plateauing; for all I know, the unit will be worth even less a year from now.

I am also under the impression--and it may be inaccurate--that we would not be able to get another mortgage if we didn't sell the condo. But I'm seeing responses here that suggest people have gotten mortgages while still owning a previous property--anyone want to talk about how they did that?

(BTW, it's unlikely we'd have to bring as much as $60K to the table--the condo isn't worth enough for a $20K sales commission!)

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