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.Answer Question
Asked by Anonymous at 5:30 PM on May. 22, 2010 in Money & Work
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.
Answer by louise2 at 5:33 PM on May. 22, 2010
Answer by Anonymous at 5:43 PM on May. 22, 2010
Answer by louise2 at 7:02 PM on May. 22, 2010
Answer by Anonymous at 9:29 PM on May. 22, 2010
Answer by IraqiVetWife at 9:09 AM on May. 23, 2010
Next question overall
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