I owe more mortgage than what the house is worth in the current market.?

Hi Marges, Renting it out would be a good choice to save your credit however we have to look at the over all picture and offcourse to see if financialy it make sense for you and if its affordable, if not selling it at a little loss may be a better option, either way foreclsoure should not be on your to do list. If you like, i be more than glad to go over the details with you over the phone and help you find a solution that would be benefiacial for you long term. Houtan Hormozian, (310) 933-4748 Houtan.Hormozian@Crestico.com

Hi Marges,Dont let your home go to foreclosure. If you have been making your payments on time for this house, help has arrived. The Home affordable refinance program was rolled out today by the banks. What we have to do is check and see if your loan is owned by either Fannie Mae or Freddie Mac. I can help you. Call or email me for a no obligation consultation.Thanks Gilbert RamosMortgage Loan Officer NMLS 286678Mortgage Partners, Inc.(800) 896-5333 Office(951) 551-0215 MobileApply online www.federalreliefrefinance.comEmail me info@mpihomeloans.com

Marges,A solution may be a HARP loan.Please call me to talk about it.530 8913536John Altman northvalley mortgage

The fact that you just purchased another home and qualified (assuming you financed it), then you can afford both payments even without a renter... If your now investment home is a Fannie/Freddie owned loan, you can refinance it under HARP 2.0 and potentially lower your monthly obligation.. This in turn would make your home closer to "break even"... right now the market is recovering... property values are increasing, and there are more and more buyers out there.. I would say don't foreclose or short sale.. Ride the storm... it will preserve your credit. WilliamAcres.com

If I read your question correctly, it sounds like you recently took out the HELOC money. If that is the case, then you most likely have equity. Most Banks watch equity and freeze HELOCs if the home begins to lose equity. If I am right in my assumption, then you would not want to run away from this house or do a short sale. If the market is not dead in your area, you can continue to wait for a buyer, or keep it as a rental. You're your cash flow may be upside down, but as a rental property, all of the expenses become tax deductable, plus you can now depreciate the property. You may actually find that the net benefit is personal tax savings equal to or greater than the monthly negative. You should sit with your tax professional to help you determine what converting this home to a rental property will do for you before you make your decision. You will also want to work with your agent to determine the viability of renting in the current market. Good luck to you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com