Should I leave my house nearby?
I live in the home of Las Vegas and bought at the worst possible time. I was one and the mortgage is in my own name. When I married my husband and I purchased a home with another tenant, and found my old house with intent to sell when the market turned. Well, the market sank. I bought 275k (100% financing – stupid) and it is now worth 150K. The rent is cheap now, and I can not find someone to pay more 1000/mos and my payment is 2200th The lender does not give me a loan mod (already tried) and I can not refi because I have negative equity. So after my share of taxes, HOA fees and maintenance of the house I pay 17k a year, so I can not sell, I can not sell, I can not do anything …. My husband thinks I should allow it to close, because it is a huge financial burden. Will it effect your credit (I bought the single)? I know I need at least 2 years to get my credit on track, but I do not want any more surprises. Did they take any other assets? I read that some financial analysts recommend that you enter, if you have lost over 20%, which is the most intuitive-cons. I do not think I could turn this thing around, like a serious impact on our finances, and if we can handle ….