Hi there. I have a house in California that I don’t want to lose. I also have a condo that I used as income property in order to buy our house. The rate is about to increase, and I won’t be able to afford the condo payments anymore. The condo is vacant (my tenant moved out and the rent rate won’t match the new mortgage rate) and it’s on the market, but not selling. In two months, the rate goes up to high for me to afford.
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Walk away from a second home?
February 21, 2011
My niece and her husband moved to Las vegas and bought a condo. The job fell through and they are back in LA. Thank God they did not sell there house in Ca.
They rent the condo but it is bleeding them financially.
The 5 year arm is coming do and it is so underwater (ha remember it’s in Vegas) that they will never be able to refi. Any suggestions I can give them? Is walking away and taking the hit on their credit?
They are young and can survive a bad credit score.
Thanks, I would like to help but we are talking over 100K loss.
S and DE: A short sale would be over 100K short and they still have their first home in LA.
I think NV title does not give the bank the right to get other land but I don’t know for sure.
The first guy is wrong, but thanks. The hit on their credit score would be tolerable. They still have OK jobs.