upside down mortgage

[Olympia Durbin]

I recently relocated and bought a lovely condo in Alaska. As life happens I will relocate again very soon. I knew I would be upside down and thought I may have to bring about $5000. to closing. Then this winter we experience a large earthquake that significantly damaged our 1/3 of association with no earthquakes insurance. My unit in undamaged, others are red tagged. Current HOA fees 370. 1st special assessment 119. There is a lot more to come. My payment 1700. I can rent it for 1900. Rental management fees 190 month. I am just crying over the loss. I own another home in the State I am relocating to... is it smart to walk away? I will own HOA fees until the back forecloses, already checked that out. Rent it for a year and see what happens and try and recoup then? Thank you

[Jonathan Taylor Smith]

@Olympia Durbin - Is there any opportunity for short-term rental (if allowed by HOA), such as AirBnB to bring in more than $1,900/mo? Are there any subsidized rental programs in the area (like Section 8 or VA) that might pay more than this amount? Can you try self-management (using the many online tools for doing so) to save the $190/mo expense? Would your lender permit a short sale?