Was living in one condo and needed money for down payment on a larger one for my family. The first condo was for sale but is just sat, so I rented it, when the new one was completed. Now the payments on both are crushing me. 50 on the first and ,350 on the new one. I can handle the second one okay, that’s where we are living now.
On the first condo, I borrowed money on a home equity loan for additional down payment on the second. First mortgage is for 5K, the amount on the home equity is K. So I owe a total of 0K, the market is now 9K
On the home equity I can still write a check for K…….at the time they issued the loan it was worth more……..
Did I mention that my tenant just moved out, he was only good for 0 per month…….so 50 minus his 950 left me 0 per month in the red. Now it’s the full 50……..this is a seasonal community and the rental market is weak…..
Here’s the question, if I write the a check for the remaining ,000, left on the home equity from the first condo……..then just let the bank have the unit back……..
what are they likely to do and
what will they do to me?
The K in money I clearly have no intent of paying off unless by some miracle the unit sells for 5 and I can wipe out everything and walk away…..
If you have any other input I’d appreciate it. Thanks
Thanks from Florida 