|
|
|
|
|
|
|
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: 
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mechanics of Money, LLC - © - All Rights Reserved
|
|
|
|
