Patran
07-08-2009, 08:57 PM
I have an interesting situation.
In 2005, I bought a house in Florida for $450,000. Ever since I was able to rent it and had to put in about $800 a month to cover the mortgage/taxes/etc... Not so bad.
Recently, my tenant has left and now the house is vacant. I have decided to move into the house with my family.
My situation is as follows:
The house is now appraised (yes I got it appraised officially at $220,000). That is very unfortunate. Originally I have put down $100,000. My mortgage balance is $330,000. Therefore, I am upside down in that the house is worth less then the mortgage.
In 2005, I bought a house in Florida for $450,000. Ever since I was able to rent it and had to put in about $800 a month to cover the mortgage/taxes/etc... Not so bad.
Recently, my tenant has left and now the house is vacant. I have decided to move into the house with my family.
My situation is as follows:
The house is now appraised (yes I got it appraised officially at $220,000). That is very unfortunate. Originally I have put down $100,000. My mortgage balance is $330,000. Therefore, I am upside down in that the house is worth less then the mortgage.