Asked by Danielle, Michigan • Fri Feb 1, 2008
We currently own a condo in MI and the balloon mortgage ends this month. We cannot reset the mortgate b/c we don't live on the property. We can't afford to pay the property off, we don't have the money. We can't refinance w/another mortgage company - we tried - because the appraisal came back lower than the amount we owe. We don't want the property, we currently have renters who pay only sometimes and even that doesn't cover all the costs. What are our best options?
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