Asked by Joe, Appleton, WI • Mon Jan 2, 2012
In 2005 I purchased a condo for 112000, six years later I find myself 25000 underwater with FMV at 75000 and mortgage balance 100000. In that time I got married, moved into my wifes house and rented out my condo for the last 2 years. The market doesn't seem to be improving and I'm finding it harder to find renters. I can get about 650 per month for rent, my mortgage payment is 900 and condo fees 275. Hard to figure if I should sell and take a loss or continue to rent it at a loss and hope market turn around. We don't want to sell her house at this time because we need the room for her children and her house isn't as far under as mine any advice would be helpful.
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