Posted on: 03rd Nov, 2009 06:02 pm
My wife and I have recently bought a new home that is larger than our first due to our growing family. We have tried to rent out the first home with no luck. We are getting behind on the first home's mortgage because we cannot afford both. What should we do?
As tough as it might be, it sounds to me that you need to sell it. What other options do you have? A "possible" modification, Foreclosure? I know that's not what you want to hear but, cut your losses before it's too late.
Thanks for the advice. The only problem with selling it would be that I am extremely upside down on the loan. Over $100,000. I've heard of something called a shortsale. How do these work? What are the ramifications of these?