Need Advice on bad investment
In July 2004 I bought a beach condo with the aim of keeping the property for a year and making a small profit.
I paid $230K and financed 205K. Intertest only variable rate.
One month after I bought the property it was damaged by Hurricane Ivan. We the owners then proceeded to get into lawsuits. Each owner received 30K from insurance. I used this money to make my $1500 a month payment.
One year after buying the property all the owners were offered contracts by a developer. I was offered a contract for $379K under the condition all owners signed their contract.
4 owners would not sign so the deal fell through.
Finally a ruling was made to repair the units and each owner was assesed $40k for repairs. Repair of the units was completed in June of 2008.
After borrowing $40K for repairs and due to the fact that I am retiring this spring I no longer have the funds to keep making the payments. The property at this time will only appraise for 140K and I owe 205K. I currently have the property on the market but no offers. Any advice will be appreciated. Thanks