Posted by Bill Jacobsen on November 01, 2010 at 13:42:00:
I would do a short sell since you already are $20K under water and you would still have negative cash flow after renting of $650 per month.
Bill
Making the Best of a Bad Situation - Posted by bokis
Posted by bokis on October 10, 2010 at 08:15:44:
I currently own an empty house that I would like to get rid of. Mortgage pay-off on the house is $145K. Fair market value of the house is probably $125K-$130K. Current negative cash flow associated with the house is approximately $1,450.00 per month. (Mortgage, Insurance, Taxes, HOA fees, utilities, upkeep.) A person has expressed interest in the house (renting or buying); and is especially attracted to the location for personal reasons. The person can qualify for a loan of $125,000.00 or can pay rent of $800 per month. What is your advice for my making the best of a bad situation? Thanks