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I thought the program provided a good chronology and a nuts & bolts explanation for the mess, but it absolutely failed by refusing to place any blame on borrowers for their actions. I never heard the words "It was my fault" by a borrower until 1:45 in the program... and, of course, the dumb...

The short answer is that you need to look at the governing documents for your HOA. This will tell you what all of your options are.

Newport Beach will crash regardless of PIMCO's existence. Incomes here do not match the asking prices. Something has to give. Short sales are already dotting the landscape. Significant REO inventory should be hitting the market later this summer.

Jimmy2 from Lansner's blog on the OC Register's site would have a conniption over this thread. I can't wait to buy his CDM house in foreclosure a year or two from now.

Surprise! Who knew that the State's moratorium on foreclosures would have zero effect? I'm stunned.

My wife and I have been following the Newport Beach market very closely for the last couple of years. The past 6 or 7 months have been quite entertaining as there is still an abundance of WTF prices even though the short sales and foreclosures are just starting to creep into town. My favorites...

Whether this guy's bank freely offered the principal reduction is one thing. Having it forced down the lender's throat by a bankruptcy judge is another. And it's about to become law. <a...

Do we have any idea how much debt is currently on the property? Also, do we know the square footage on this place? (Sorry if I missed this info earlier...)

In case you had something a little more phallic in mind... <img src="http://i-0.rfimg.us/photo/46/bigphoto/018/U9000018_0.jpg" alt="" /> <a href="http://www.redfin.com/CA/Newport-Beach/319-Ruby-Ave-92662/home/3248704">WTF Balboa Island Listing Link</a>