So, I talked to my financial guy, and he said I can't refinance.
My loan amount is so small to begin with, that doing a refi to lower the payments would literally cost me THOUSANDS of dollars.
Plus, if the mortgage company finds out that I am no longer LIVING in the residence, that could get me in BIG trouble.
I don't know WHY...people who own rental properties probably refinance them. Why can't I refinance a vacant condo?
Crap.
He says my best alternative is to do a short sale.
I have been advised against this by some, and encouraged to do it by others. I have NO IDEA what is really best for me in this situation.
The real estate market is not going to support the sale of this condo, at the price I would NEED to sell it, for many YEARS to come.
Is it logical to just leave it empty, and keep paying and paying and paying?
No, not really.
Is it logical to ruin my credit temporarily, and do a short sale, and run the risk of having to pay multiple thousands in taxes on the "forgiven debt," when I have worked my ass off my whole life to live what USED to be the American dream???
No, not really.
It seems that the only truly logical thing is to rent the place out...and that's not been going very well, either.
I had hoped for better news from the financial guy.
I just want ONE THING to go my way!!!!
Hitting the wall over and over is getting very tiresome.
In other news, I will probably tell my boss before the weekend. Let's hope he doesn't fire me on the spot.
But if he does, he does. So be it. D says whatever happens, happens, we will "figure something out."
Ok!!
1 comment:
Try not to despair. The market will correct sooner than you think - though I'm sure not soon enough for your comfort.
Sit down sometime and do some math. Get some facts, not just opinions from your financial guy. If he's not a mortgage expert (and I'm guessing he's not), then you should probably seek out advice from someone who is. Maybe your realtor can help with that.
We've refinanced numerous times without spending much out of pocket at all, certainly not thousands. Closing costs can be rolled into your new loan, and if the rates are better, you'll still see savings.
Check into the rates for investment property loans. You never know!
Anyway, I've always found hard facts to be comforting, even if it's not the news I want to know. Seek out the experts. And investment guy? I don't think he's the one. Good luck!
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