I own two properties. I bought my condo I live in for $325,000 with $150,000 down.I owe $175,000. It is on
the market right now for $299,000 and not selling. My other property I bought for $265,000 w/ $ 50,000 down . I owe $205,000 but it is on the market for $197,000. I wish to stay in the first property but need to sell one property because I can not afford to carry them both. I was thinking of renting the $199,000 condo to get out of this problem.That would mean contributing $500 per month to cover the mortgage. I am not sure I want to be a landlord. I have also applied for loan modifications for both but the process is taking so long...... Any suggestions?
I think I remember you asking about this about a month ago ?? It IS taking a long time. The only suggestion I can think of would be to list them BOTH. You keep the one that doesn't sell. Condo's tend to be more of a challenge in the "re-fi" world but you should have answers from them by now.
Best wishes on getting through this.
Deb
I think you should test the rental market. Foreclosure might have worse future implications than being a landlord for a couple years to see if the market turns around.
You are in tough situation and should consider sitting down with an accountant or financial adviser to help organize your situation and outline a good option for you based on your income.
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