Downsizing to condo/apartment?

[newenglandgal123]

Originally Posted by justyouraveragetenant

It would not be foreclosure she would just sell it and the bank gets 50 thousand. Since she is retired now she can not pay the loan.

What type of banking product is that where you can still live in the home, not pay the mortgage, have the opp to sell it on your own and only have to give the bank a $50K cut?!

[justyouraveragetenant]

Originally Posted by newenglandgal123

What type of banking product is that where you can still live in the home, not pay the mortgage, have the opp to sell it on your own and only have to give the bank a $50K cut?!

I don't know that's what she tells me I can try and find more info. It did not make sense to me either.

She said it's a loan from a credit union.

[skeddy]

Originally Posted by justyouraveragetenant

Well she pays condo fees and it seems she has to dish out a ton of money for repairs like a new roof and new windows.maybe they are corrupt . That's why I would never trust the board of trustees .

new roof and new windows should have been budgeted for, they aren't emergency repairs. Sounds like poor management

[BruinsGirl]

Originally Posted by justyouraveragetenant

Condos are a scam job. The purpose is to rob you. My mother moved in there and I told her she was a sucker she can't even pay the loan if she decided to sell it she would get 50 thousand less. All she is paying is the interest on the loan so it does not ruin her credit. She use to have a house which she should of kept but listened to her friends.

My parents discovered all downsides after buying their condo (it was their first property in US in the end of 1990x). All kinds of assessments, unfinished projects. Mom joined board of trustees and she is still there managing lots of things. So condo fees are under control and property looks good.
But I don’t have such energy and frankly desire to handle all this.