What to do with a serious underwater property...
Trying to find a creative solution for my rental investment. I bought the property at the height of the market to fix& flip and wound up becoming a landlord. The property is now about $120k underwater on a $260k loan, so I am thinking about a short sale. My current long term renters are amazing and have never been late but the $1500 (max for the area)a month I get in rental does not make sense with the $2160 mortgage. Ultimately I would love to be able to sell the home short to an investor and repurchase (if possible) to keep the property or provide the renters with an option...Any suggestions would be greatly appreciated.
