The Real World Calling
I've been waiting for someone to ask more questions. There is so much wrong with this development and I don't have enough time to type all of it.
She looked at several condos before choosing this one. It wasn't a POS when she purchased it.
It was an older condo that had been refurbished and she could afford it. We have bought and sold several houses in 30 years and knew what to look for. Without being able to see the developer's bank account, there is no way we could have known what was about to happen.
The underwriter and my husband questioned the owner/developer on many issues. He had good answers but we now know he was lying.
When she purchased the condo over 3 1/2 years ago, it was in much better condition (exterior). The developer had started the ground work and utility work on the new units. However, shortly after she moved in he went bankrupt and the new units never were built.
The 3 existing 20 year old buildings he refurbished have been deteriorating on the outside. There are more rented units than owner occupied units now. I think this has something to do with more break ins in the last 2 years. There are more "less desirable" people living there now.
We are not telling her to walk away from her obligation just because she doesn't feel safe. Did you not read that no one has been able to sell their units?
I can assure you that we have raised 3 very fiscally responsible kids. Our other daughter owns a condo and has not had any problems. Our son is 25, makes 6 figures and lives in Colorado in a $380k home. Do you think he got that because we are "ass wiper" parents?
We also own a condo near LSU that we rent and we have not had any problems there.
This child happens to make the lowest salary of the 3 kids and we are trying to help her make the best decisions for her safety and financial well being. We will not pay her bills for her. We offer the other kids financial advice when they ask for it too. We have never paid any of their bills either.
I never said my daughter was the only person upside down on their mortgage.
You seem to be talking out of both sides of your mouth. First you tell me we're doing too much for her now and then you tell me we didn't do enough when she was buying. Make up your mind.
Oh and you don't have a clue!!!!