Underwater but have an interested party.
So at the the height of the boom, I did the unthinkable. I purchased a condo with an ARM and have since needed to modify the loan. It is not a Freddy or Fannie and the modification lowered the payment and interest to a nice 2.75% for 3 years (which I have one left). I have a combined 240K on the prop and other units are going for about $170-180k. I currently have a renter in the unit who is covering the mortgage and has expressed that he would love to buy the place (without me losing my shirt on the deal) in the next 6 months. Is there any creative way of doing this and still getting a small ROI?
