Re: foreclosure
Posted by nancy feldman on December 01, 2007 at 07:58:23:
In Reply to: Re: foreclosure
Posted by michigan on November 29, 2007 at 08:40:07:
I need advice. I have a condo that I owe $126,000 on with a home equity loan of 25,000 also. I rent a small home which I live in and rent out this property because it became too expensive for me to live in. I tried to sell it and could not. Now the renter cannot pay. I don't want to move back into the home. If I cannot find a new renter soon I will not be able to pay for this property and my rental house too. If I sell the condo I can only get about $130,000 in todays market and I owe $126,000 plus my home equity loan amount. What a mess. Does forclosure sound like the best way to go? What does it do to your future credit?
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