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TaxTom, Internet Researcher
Category: General
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I bought a house with a fannie mae for 280,000 and now it

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I bought a house with a fannie mae for 280,000 and now it is worth 98,000 what would be my best option to recover.

TaxTom :

Hello, what part of the country do you live, what is your current house payment, and if you let the house go back to the bank what would it cost to rent a house to move into in your area. thanks Tom


my current house payment is 1,210.00 .rent is approx the same

TaxTom :

Hello again, Unless you are in a market that has no chance of recovery you would still be better at this point to stay where you are at, even in the worse market you can expect to recover at least double where you value is now. I would wait and if financial circumstances pushes your hand then I would then contact the bank and ask about a short sale, although there will still be damage to your credit it will not be as severe as a foreclosure and in most cases you can live in your home until it sells. Thanks Tom

TaxTom :

How can I help you futher? Thanks Tom

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