Underwater mortgage advice

[Mel Garrard]

Hello!

Looking for advice. I bought a garden style comdo for 94k when I was twenty, that was ten years ago, first person in my family to own my own place, did it on my own with no help from anyone. Then the housing market crash happened and the value of the unit I'm stuck in is below 64k, I Still owe 79k. Should I buy an investment property and roll the money I owe on this unit into that? The condo fees for my place keep shooting up, right now they are $290. It's a one bedroom unit and I'd be lucky to rent it out for 950 here in NH. Neighbors of mine are stuck as well, and renting out their units has been a nightmare with tenants that don't stay long. I have no family to get advise from, and I'd love to fufill the dream I had at 20 to make a living as a landlord. Need advice desperately, I feel so stuck and discouraged from my first experience. What steps should I take? Should I roll the difference into a duplex? Thank you for your time!

Melissa 

[Account Closed]

Don't know what your rate is but you might look to refi and reduce your mortgage payments. You might even want to consider shorter amortization which would help reduce the principle quicker.