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Is it worth?

I am moving out of state and I own a house which right now is in negative equity, I owe 154 K to the bank, but it's only worth 140 because of the economy being down. If I rent it out I can only get 1200 but my mortgage+tax is 1400 per month. So should I just give it back to the bank before I loose even more on this house? I know it will ruin my perfect credit but I am not planning on buying anything in the next few years.

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Anonymous

Asked by Anonymous at 5:30 PM on May. 22, 2010 in Money & Work

Answers (5)
  • You mean let it go into foreclosure? It will ruin your credit so you will not even be able to rent an apartment either. Sell it cut your losses and pay the difference to the bank.

    louise2

    Answer by louise2 at 5:33 PM on May. 22, 2010

  • OP: Why would I not be able to rent an apartment? Most of the renters have bad credit. That's why they are renting and not owning.
    Anonymous

    Answer by Anonymous at 5:43 PM on May. 22, 2010

  • Now days every thing goes by your credit. If you have bad credit you will have a hard time renting a good apartment or house. Not all renters have bad credit. Some people just do not or can not buy a house.
    louise2

    Answer by louise2 at 7:02 PM on May. 22, 2010

  • You're $14,000 upside down hun. That's it. People in California and other states are more than 50% upside down. The value is going to come back it's just going to take a couple of years- depending on where you live.

    If you can afford the house, and you like the house, just hold out. The value is going to come back, it just takes time.
    I'd recommend not watching the news too.
    Anonymous

    Answer by Anonymous at 9:29 PM on May. 22, 2010

  • I would seek legal counsel. I dont think that would be smart. Who cares about credit! its what gets people in hard spots.
    Pay cash, credit sucks! credit kills families and lives. forget about it. Take care of yourself.
    IraqiVetWife

    Answer by IraqiVetWife at 9:09 AM on May. 23, 2010

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