I am also in financial hardship and am in high credit card debt. What should I do? Die trying to hold onto a house to keep my credit score decent or just let it go?I am upside down on my investment property and I cannot rent it for what the mortgage payment is. what to do?
Talk to your tax preparer. You may be able to take a tax deduction for your losses in your investment property.
Talk to him about the advantages of selling and taking a loss vs. holding on to it and getting deeper and deeper in debt.I am upside down on my investment property and I cannot rent it for what the mortgage payment is. what to do?
As an investment property you likely can take use the loss to your advantage on your taxes which should ease your pain somewhat. If you are implying to ';just let it go'; to foreclosure, that is not really an option because the bank will likely come after you for the difference of what they are able to liquidate the property for plus all the fees you will accumulate as a result of a foreclosure (like another $20k). I suggest you try to short sell the property next year (to take advantage of the present year tax advantage and spread the loss to the following tax year.
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