Mortgage

[Barbara J]

What is the name of your state? AL

We bought a condotel unit for investment in Florida. We are now in a place where the income is not enough to make our mortgage payment and the HOA fees. What options do we have until we sell or if we can't sell for the amount of the mortgage balance?

[FlyingRon]

You're pretty much screwed. Condos of any sort are extremely difficult to resell (even in the best markets) and condotels and the prevailing housing market make this even worse. You almost certainly overpaid for the unit if you bought in the codotel boom.

Your option is to put money into paying the mortgage and fees outside of the income the property generates (negative cash flow). The other option is foreclosure and financial ruin.