I sincerely hope someone can help me figure this out. I am fairly new to MMM, but I have already been able to dump an expensive cell contract, an expensive SUV, shore up some electricity spending, and start making some decent financial decisions (like investing with Betterment). So, things are better than they were.
However, I would really like to dump our underwater rental property. It did not start as a rental property. I became disabled and needed to move back with family. This property was purchased in 2007, and was not a smart purchase in the first place. The crash only made the problem worse. A few details:
Owe: $97,000 Value: $84,000 (hopefully). It is in a neighborhood that is decreasing in value. Taxes and insurance going up (have challenged taxes every year, and shop for cheaper insurance every year). Rent: $875 PITI: $940. Also hand over 10% to PM as the property is in a different state. It is a VA mortgage, but not owned by Freddie or Fannie. Have talked to bank about short sale, but bank doesn't want to do it (not showing that I cannot afford it). Would like to be out of this home, as the rising taxes and insurance, plus maintenance, plus PM payment is draining my financials. Problem is I do not have $13K plus $6K for realtors plus whatever the buyer can come up with needing fixed before they would buy. I figure it's going to take $20K just to get rid of this thing.
I could stand to pay $150 - $200 per month on a loan to get out from this thing, but I am not sure that I could get an unsecured loan. Don't know of any other options to dump this money pit and move on. Really need some good advice on getting out, or what would be best for my long-term financials. Thank you all so much!