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jishin · 02-01-2009, 03:41 PM

tandam,

Thank you for your advice.

I am getting a negative cash flow from one particular rental property ( I own 4) about $1200/month and it is upside down about $150,000.

Even if I get a loan modification to afford my mortgage, let's say, I think that maybe it is not a good decision to keep the property since I owe so much more than the actual value of home. Wouldn't it be better in practical sense to short sale it if the lender will forgive the deficiency and wipe out the secondo mortgage although my credit score will suffer for a while???

Thank you,

02-01-2009, 03:41 PM	#6 (permalink)
jishin Member Join Date: Jan 2009 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: COUNTRYWIDE Rental Properties tandam, Thank you for your advice. I am getting a negative cash flow from one particular rental property ( I own 4) about $1200/month and it is upside down about $150,000. Even if I get a loan modification to afford my mortgage, let's say, I think that maybe it is not a good decision to keep the property since I owe so much more than the actual value of home. Wouldn't it be better in practical sense to short sale it if the lender will forgive the deficiency and wipe out the secondo mortgage although my credit score will suffer for a while??? Thank you,