Help..Stuck and don't know what to do..
I have 3 propperties...2 in Chicago, 1 in Scottsdale.. I am in the Red monthly and am sinking fast. Are there any suggestions for mortgage adjustments? Should I just sell? The properties are great and income is somewhat good. I just want to be in a place where I can make a few bucks a month instead of paying out thousands.
1. Chicago River North Condo, worth about $360K, Loan is at $325K, 30 yr, fixed. 6.75 Assoc. Dues, $454, Taxes 4200/yr, Income $1825/mo. 30th floor 1 BR, !BA
2. Chicago River North Condo, worth about $283K, 1st Loan is at $205K, 30 yr fixed 6.35, 2nd Heloc at 53K, Taxes 2500/yr, Income $1325/mo, 31st floor Jr. 1BR
3. Scottsdale Condo, worth about $210, !st Loan Option Arm, $185K, 40 yr 6.375, 2nd Heloc at 21K, Taxes $350/yr, Income $800/mo, 1 BR, 1BA