Hi, i have a home that is worth about 6-8% more then when i bought it. I pay roughly 1600 for mortgage and HOA dues and around here it would probably rent for 1700 at least.
With the latest quake from Napa (i felt it) and the warnings of the Rogers creek fault going, very close here which devastated the north bay last time it went, i am wondering if its worth the risk to keep the condo? Earthquake insurance is not really an option as it was already denied by the HOA board for being obnoxiously over priced.
If i lose the condo and didn't have to pay the mortgage, it would suck but not be the end of the world. If however, i loose the home and still have to pay the mortgage, that would be very frustrating and would do everything in my power not to pay for it.
I have looked at earthquake shake maps and my area is very red or severe shaking. The building was built in 1971 and redone in 2010 or so but it was noted that there was no earthquake retrofitting done.
My question is:
1. Should i sell this place and get an apartment (can't afford a full home)
2. What is my true risk? What if i told the bank sorry, i am not paying cause that place doesn't exist.
Read more: Sell Condo in fear of earthquake?
