Condominium mortgage question?
Hello, My parents and I own a one bedroom condo in the state of California. We bought it when the market was still ok in 2007, the value of the property was about 200,000. Now about 4 years later, the value is down to about 90,000, I got married and made a military move with the husband, and we are thinking about having a family (which means even if we move back to California a one-bedroom would be too small).
What are my options with getting rid of the condo? I know selling it would make us owe a lot more than what it would sell for. But I am really getting tired of renting it out, having to look for a renter, paying property taxes on property I don’t even live in. I hear that the interest rates are low and that I should refinance to make my monthly mortgage lower. I am looking for the most advantageous solution and also at the same time getting rid of the condo, because we want a house instead. Is this doable in this economy right now? Serious answers only please!