Looking at what you posted, I’m not so much worried about your initial $5500 “loss” because well shit happens.. I’m thinking more over time…My concern is you mention rent not covering cost… If you don’t mind me poking and proding, how bad is this deficit? And what exactly is your cost structure right now on the rental (any change of a refi or something to make you whole?) I’m asking because trying to learn what has happened. If you’d rather do it via PM, that’s fine too…
Thanks in advance.[/quote]
In 2011 Wells Fargo offered me a free refi even though I was underwater. I took advantage of that even though all it really did was reset my loan back to 30 years and slightly lower my rate to 4.75 from 5.1.
With this refi I thought I would be in a position to move to a larger house (which I did) and then at least break even on renting my old house.
The break down is approx. as follows:
1100 P/I
225 Tax
58 Insurance
100 HOA
93 for management fees
15 for evict insurance
I do my own landscaping on the property.
Later today I’ll post some details on my recent conversations with Wells Fargo about this stinker.
