Jackie Schafer is not behind on her mortgage payments, and despite owing more on the loan than her Tampa area condo is worth, she has no desire to move. She wants to stay and pay, but she still may lose everything.
"I thought this was something that I would have, and eventually it would be paid off," said Schafer. "I certainly didn't think someone was going to come and steal it from me."
Schafer is referring to a group of investors who recently bought 80 percent of the condos in her development, Madison Oaks in Palm Harbor, Florida. The investors want to buy out the remaining owners and convert the complex into rental apartments, but they are offering far lower than the owners originally paid—and they may have the legal right to do it.
"They don't care. To them it's business. To us, it's everything," said Schafer, who said she owes more than $90,000 on her mortgage and is being offered just $40,000 by the investors.