Asked by R.c, Tucson, AZ • Mon Apr 23, 2012
neighborhood and that has tanked the value of our home. Selling isn't an option.
We have had two children over the past three years and we would like to relocate to be nearer our families. Our home, however, is proving to be an anchor around our necks. If we do rent we will have a negative cash-flow of about $500 a month. That is not factoring occasional repairs or HOA fees. We will have to invest another $5000 to get our property in condition to rent (mostly replacing carpeting.)
Refinancing to lower our payments is proving a dead end, at least with our present lender, since USAA isn't fully participating in Harp 2.0.
We have have never missed or had a tardy mortgage payment. We have excellent credit. We make around $160,000 a year and are not in a hardship situation. Renting our home to lose money seems like a bad strategy and one that could be detrimental in the future.
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