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02-22-2008, 12:46 PM
| | Junior Member | | Join Date: Feb 2008 Location: Eugene, OR
Posts: 5
| |  Negitve Equity & Losing Money
What is the name of your state? Florida/Oregon
I own a home in Florida that I purchased on an 80/20 loan. I am upside down to the tune of about 50K. I moved because of work to Oregon and have had a tenant in the house since that time. The fair market rental price in the area is forcing me to rent the home for about $700 less then my mortgage each month.
The current tenant is slowly destroying the home and it looks like she will need to go. The prospects of finding other renters at this time looks very bad. Without any rent coming in, foreclosure looks very possible.
I have yet to contact the lender to explore a short sale, but the market in SW Florida is flooded with new homes and rental properties, so let's just say I am not too optimistic.
Looking for any and all advise on what can be done to turn this around (read as get out from under the darn house) without damaging my credit too bad.What is the name of your state? |
02-22-2008, 08:00 PM
| | Senior Member | | Join Date: Oct 2005 Location: Ohio (southwest)
Posts: 2,250
| | Quote:
Originally Posted by kamster  Looking for any and all advise on what can be done to turn this around (read as get out from under the darn house) without damaging my credit too bad. | Keep the tenant you have and keep that rent coming in until the market turns around. A foreclosure will definitely hurt your credit, as will a short sale (you have to be behind in your payments for a bank to consider it.) | |
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