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Old 10-12-2008, 09:53 PM
DDS_30 DDS_30 is offline
Junior Member
 
Join Date: Oct 2008
Location: Antioch, CA USA
Posts: 1
Default Mortgage Question

I purchased a rental property Oct 2004 and have had it rented out since. I have a "neg -am" typer mortgage that will reset next year. I bought the house for $500k and as of today I owe a balance of approx $575k. The prices in the neighborhood have drastically gone down. Similar models are selling for $230k. I was looking at what option I have right now as far as tax consequences, credit consequences etc. I have been contemplating contacting the lender and seeing if we can maybe cut a deal or something. Any advice would be greatly appreciated.
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