Underwater condo

[Corinne Faivre]

Hi everyone! I need a little guidance with an investment condo that is underwater in FL.

The loan has an adjustable rate so it is currently breaking even. The rate will adjust in june 2014. The condo is in FC with sale date of March 20th 2014.

150k loan + 28K in arrears with bank + @ 4 K in arrears with HOA.

The condo is worth @ 50K -55K

The bank will do a in house modification to extand the loan and maybe fixe the interest rate to 3 or 4 %.

What are your recommendations?! Pursue a short sale while still permits or a loan modification?

Can you recommand a short sale expert in Orlando?

I appreciate all feedbacks and comments! Thank you...