All Forums  archive  Forum Questions  Hi I have a property in Florida that I bought

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by negativeequity[/i] [br]Hi I have a property in Florida that I bought in 2005 for $432000 recently properties similar in size (foreclosures) have been selling for $200,000. I have a £170,000 british mortgage on it with GE Money. I have been renting it out but it is becoming increasinly difficult and along with the mortgage costs the running costs are becoming astronomical I have already lost about £60,000 on it. Where do I stand If I say to the lender I can no longer afford it,the shortfall paying off the mortgage could be about £50,000 if it is sold. I own a property which I live in London would this be at risk? I have a mortgage on this for £188,000 and it is worth about £250,000 which I can afford.What would be the best solution out of this situation? Thanks [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.