Betty asks…Investment Property?I bought an investment property somewhere in the Northeast in 2004. I took out a 80/20 loan and the interest rates on both loans is quite high. Both loans are 7 year ARMs.
Worse, I believe that because of the recent pull back in prices, I might owe more than the house is worth; maybe $30,000 more. I don't know for sure. I am also collecting rent which pays the mortgage for now but anyone who has dealt with tenants knows how painful it is sometimes.
I have been thinking about one of these options:
1. Put the
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