OK. I will try to be more specific and still safe.
The house in question was built in 1958. We bought it in 1986 for 96K. We re-financed a number of times and did some improvements. We finally refinanced in 04 to buy our new home.
We have been laboring at trying to keep the old place rented ever since. Currently I am in the middle of a law suit to get the deadbeats out so I can rent it out again. I haven’t any collected rent since April.
We now owe 335K on that home. The note is about 2400 (PITA @ 6.75%) a month and the best we ever got for rent was 1800. We are now two months late on the mortgage because my deadbeats have not paid. I would be surprised if this property could bring 300K on today’s market.
I contacted the lender ASC as soon as I realized that I was unable to pay the note. The phone staff is appreciative and understanding. But the mail I get is increasingly more dire.
I don’t want to provide any information on my newer house because I want to stay here, and pay this mortgage.
