Asked by selenay2k, Babylon, NY • Fri Jan 4, 2013
I own a house in NY, with a property value approx $277,000. The current amount left on my mortgage is $34,000. I am looking to move to NC and have found a property down there that has 2 homes on the property and is selling for $131,000. My thing is, I do not want two mortgages, and homesales are down, so I am wanting to rent out my NY home. My in-laws live literally right next door to the NY home, so I know they would keep an eye on it, and we have a close firend who lives around the corner that we could count on as well. I don't think refinancing my existing home is the answer because form what I've heard, the bank would want me to stay in the home for a certain number of years, and I am looking to move by the summer. Any ideas?
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