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    cathilynn's Avatar
    cathilynn Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Nov 1, 2007, 10:30 AM
    interest only loan
    My daughter bought a condo 1 1/2 years ago with an interest only loan.
    The value is now $30,000.00 less then when she purchased it.
    She still owes $150,000. I feel she needs to get out of this loan, but I do not know what would be the best option for her. Any suggestions?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Nov 1, 2007, 10:43 AM
    Is she able to make her mortgage payments on time? Is she planning on staying in the condo for a few years? If so, then it doesn't really matter right now that the value of the house has fallen - at this point it's just a paper loss until she sells.
    cathilynn's Avatar
    cathilynn Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Nov 1, 2007, 10:58 AM
    She is able to make her payments, but is not living there right now and wants to sell either now or at least within the next couple of years, unless she needs to do something differently to say herself financially.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Nov 1, 2007, 11:00 AM
    The ONLY ways out of the loan is to sell the condo or declare bankruptcy.
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