 |
Vacant for 16 Months |
| |
 |
I own an investment home. I havent been able to rent it in 16 months. I have an "interest only mortgage" and the house no longer has the same value as when I bought it. I can no longer make the payments. What are my options? |
| |
| |
 |
First of all, if you've been unable to rent for more than a year, you're asking too much rent. You'd be better off now if you'd dropped your price long ago, till you hit a level that attracted tenants.
As for what to do now -- every investment carries risks. If you'd bought a stock that went down, you wouldn't be asking me for advice on what to do. You'd just have to sell it and take the loss. Same thing with your investment house. You had a risky kind of mortgage, you took a risk, and you lost. |
| |
|
Edith
Originally published on March 27, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
