Posted on: 31st Jan, 2013 01:02 am
Hi there… I purchased a small house in Michigan for $85,000 few years back using a rural development loan. I purchased the house myself with no one else on the loan. Presently, I’m married and have a second home which is enough for us for the lifetime. The old house is currently empty and I'm spending $640 a month for mortgage and insurance and taxes and I can't even rent it for the $670 a month. I imagine it will take 10-15 years before I could even break even on selling it, not to mention paying on it for 10-15 years. Should I foreclose on it?
Hi Guest,
A foreclosure will have severe negative impact on your credit situation. You should get in touch with your lender and check out the various avoid foreclosure options available to you as suggested by Niicss.
Thanks
A foreclosure will have severe negative impact on your credit situation. You should get in touch with your lender and check out the various avoid foreclosure options available to you as suggested by Niicss.
Thanks