I could use some sound advice

snowbunny287 · Joined: 05 Sep 2008 Posts: 1 1.31 Dollars($)

I rented my out of state home in Michigan due to a job relocation and inability to sell and have not been able to keep a decent tenant and the financial burden is preventing my fiancee and I from buying our own home here in Colorado. The amount I owe on the house is fairly close to what is should sell for if the market were not so depressed, but I really just want to minimize the burden and and affect on my credit as much as possible- what should I do?

helping_user · Posted: Mon Sep 08, 2008 2:58 am Post subject:

Welcome Snowbunny.

If the amount you owe can be covered by the sale proceeds, then I think you shouldn't hesitate to sell the home. After all, you're residing in a different state now. But have you stopped paying for the mortgage on your home? It could affect your credit and bring down your score by several points.

Thanks

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