Redmond, WA Condo Association Votes to Mass Default

. So they’re sending a letter to the Mayor of Redmond”.

I read the letter but it did not disclose much more that what is shows above. My general comment on the letter is it is a useless waste of time.

Mayor Marchione would be a fool to do anything more than send his sympathies. Of course there are countless government fools, but in this case 80+ homeowners are nothing compared to the complaints the mayor would get if he helped such a small select group.

Furthermore, if the mayor were to bail out this complex, there would be 10,000 more requests. The mayor understands this without a doubt, thus there is absolutely no chance the mayor can do anything other than write a nasty letter to the developer. That would be a waste of time and money, while building unwarranted hope.

Here’s the deal. If the details presented are accurate, it seems foolish to make another mortgage payment or another homeowner’s association payment.

If you own a unit in that complex, your best choice of action is to consider walking away

Caultion: Before Walking Away Consult An Attorney. There are a lot of potential snags to consider if you go it alone.

If you live in that complex (or any complex with similar issues), please seek legal help before you waste another cent on dues or mortgage payments.

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com
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Mike “Mish” Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
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