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negativeequity
Starting Member
1 Posts |
 Posted - 04 November 2009 : 01:19:00
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| 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 |
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Hi I have a property in Florida that I bought
