What to do when we can no longer afford the mortgage?

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My wife and I have a property that has lost about 180K in value since we bought the assets of the 2005th Since we were renting it, but recently lost our tenants. If we do rent, it is more or less coverage of our first mortgage, but we still have to pay our own way to cover the second loan, landscaping, pool services and we Hoa.Me looking for new tenants, but have not had the chance we’ve paid to a mortgage with our savings. Unfortunately, we can only assume that your way through December. If we can not be before the tenants, which should / can we do?

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3 Comments
  1. Reply
    Margarita T
    May 16, 2011 at 3:05 am

    Sell at loss and write off taxes.

  2. Reply
    Brenda
    May 16, 2011 at 3:30 am

    Call you lender, see if they can help, so you don’t loose the house.

  3. Reply
    Lynn
    May 16, 2011 at 3:58 am

    Have you exhaused all efforts at finding a roommate? Like posting online (Craigslist, city-specific blogs, etc) and posting ads in local newspapers.

    Talk to your lender about refinancing (although that may not be an option if the value depreciated that much)? Look at getting second/third jobs in the meantime? Might have to look into filing for bankruptcy?

    Best wishes.

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