Want to Rent Out My SFH Need Advice
Hey BP community,
Okay here's my situation...My fiancée and I are underwater on our mortgage (I'm sure others are too). We refinanced back in 2007 right before the crash of 2008. As it stands right now we owe $54,000 and according to Zillow (haven't looked at other sites) our home is worth about $51,000. We have a 3 bedroom 1 and a half bathroom home.
We are current on our mortgage the thing is we were planning on trying to move out of our current area. (We also wanted our next house to have 4 to 5 bedrooms). We don't currently have the capital needed to put a down payment on a new house. We were considering possibly renting out the house but it needs some cosmetic work (again we don't have the capital).
Currently my fiancée works 40+ hours per week and I collect disability (Due to a birth defect). Also I should add that his credit isn't that great and my credit is a little bit better than his. So what if anything can we do in this type of situation? I appreciate any advice that can be given. Thanks in advance.
Robin