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Owe $60,000 More Than Value |
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My job recently relocated 45 miles away from our home. We want to move to be closer to work and family, but we are not sure how to do it when our house has dropped about $60,000 below what we owe. Should we try to buy another house first, then try to sell or rent our current house? |
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Have you investigated how much rent you could expect to receive if you didn't sell your present home? My guess is that it might actually cost you money every month to keep it anyhow. YOu'll have to decide for yourselves if that's worth it. Do you have $60,000 to use to pay off your loan if you do sell?
I'm not qualified to give financial planning advice and I don't know your whole situation. But you've really been caught in a bind with the current downturn, and mostly all I can offer you is sympathy. |
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Edith
Originally published on January 8, 2008 |
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