What should I do with my home? Sell? Foreclose?
I bought a home in Raleigh, NC for $ 260K four years ago. The original mortgage broker tried to screw us and the deal fell through. We used the builder’s mortgage company, who provided an 80/20 interest-only loan, just to get us in the house. We were going to re-finance, but the credit crunch came full-speed. We’ve now paid $ 100K in interest. Our home is valued at $ 30K LESS than what we paid for it.
Do I let the bank foreclose on it and simply walk away? (Why keep paying on something that won’t be of any value for years to come?)
Do I try to sell it at $ 30K less than what we paid for it?
I was 700 miles from ‘home’. All my belongings in a moving truck. It was Friday at 6:00pm when the deal fell through. I was desperate. Not an excuse, but call it a learning experience.