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    carvercobra's Avatar
    carvercobra Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 31, 2009, 08:02 PM
    Can I pay off my condo and give it back to the bank. I want out.
    I have quite a dilemma on my hands. I have a condo I bought years ago. I was renting it out but there have been too many problems. The whole condo complex is nearly abandoned and all the value is gone. Tenents keep moving out because the water keeps getting turned off due to no one paying the condo fees. I have tried to sell it over the years but no luck and now that it the whole complex is in this state there is no way to sell. I want to pay it off but I do no want the deed. Will the bank accept it even if I pay it off. I don't mind paying it off but I want my name off this property.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Dec 31, 2009, 08:10 PM

    Pay it off and donate it to a charity.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Dec 31, 2009, 08:20 PM

    And of course it should sell, maybe for 10 cents on the dollar, but you may get a better deal by donating as scott said,

    Or pay if off and sell it at auction.

    Trouble with condos now,

    If there is over 25 percent rental, you can't hardly even get a loan and if you even find one ( bet you can't) the interest will be very high. Plus insurance issues in a high rental condo building.

    The bank will not want it, well the banker personally may
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