keep home or start renting?
I am fighting to keep my home and and waiting for my company’s loss mitigation department to get back with me…but I received the letter in the mail anyway. I am able to start paying the mortagage again and I’m okay with missed payments being tacked on to the tail end of the loan. Lucky for me, there is a home in my community for rent.
I pay 1400 a month for my home-well 1450 with the new escrow adjustment factored in. I have a 6.625 fixed rate for the life of the loan. I know I will never find that rate again.
The rental unit is going for 900/month. Thats a $ 500.00 savings a month. And its darn tempting with my mortgage company mailing me the dreaded “Foreclosure” letter instead of wokring with me to strart the payments again.
Tell me what you think….will the 500.00 savings outweigh the benefits of home ownership. Will the market recover enough for the benefits to matter? Drop a line…and Thank you.