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Financial Question and Answer


Financial Category: Real Estate      Location: NJ
Posted: 11/29/2009      Approved: 11/30/2009
Number of Replies: 1     Email Copy To: email financial advice


Question:

I bought my house 3 years ago and paid $362,000. My home is worth about $289,000. I have two mortgages on the property totaling $2,900. This amount reflects interest only, and I modified my first loan 3 months ago. Due to hardship, I'm behind 2 months on my mortgage. My credit is very weak (555) and my chances of getting another loan are slim. Should I give back the home and rent knowing it will affect my credit even more then what it is? I don't know how long I could keep paying my loans and yet the debt amount is still the same.

Answers (click on a reply to view the answer)



Posted Subject Submitted By



2009-12-03If you cant keep paying your mortgage, you will juRoderick Hausmann





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