Posted on: 05th Sep, 2008 02:04 pm
I rented my out of state home in Michigan due to a job relocation and inability to sell and have not been able to keep a decent tenant and the financial burden is preventing my fiancee and I from buying our own home here in Colorado. The amount I owe on the house is fairly close to what is should sell for if the market were not so depressed, but I really just want to minimize the burden and and affect on my credit as much as possible- what should I do?
Welcome Snowbunny.
If the amount you owe can be covered by the sale proceeds, then I think you shouldn't hesitate to sell the home. After all, you're residing in a different state now. But have you stopped paying for the mortgage on your home? It could affect your credit and bring down your score by several points.
Thanks
If the amount you owe can be covered by the sale proceeds, then I think you shouldn't hesitate to sell the home. After all, you're residing in a different state now. But have you stopped paying for the mortgage on your home? It could affect your credit and bring down your score by several points.
Thanks