giacona

I made a huge mistake by purchasing a home that I could not afford. I bought this home 4 years ago. I knew I could not afford it on my own. I don't know what I was thinking or what the loan office who approved me was thinking. However, it has a 2nd apartment that I thought I would be able to rent out and gain some income which worked for a while.

However the apartment is not legal and I had one nightmare tenant who got the city involved and made me removed the stove from the 2nd apartment. I technically cannot rent it out anymore since it has no stove. My options are rent out the rooms individually, move out and rent the whole house, or try and rent the apartment with no stove.

I currently have a roommate in my house, but I am working just for a house and I am dying. I am not behind but I have no life and I do not want to live like this anymore. I still young at 28 and need a life.

I can try and rent out the basement again just hope no one complains to the town and hopefully get a single person to rent it. I will just explain to them it’s not a legal apartment and they could just say they are a family member. If the town wants to come in and inspect I can remove the stove and put it back when they leave.

Now if I get turned in again I am going to have to rent out the entire home which I am probably get somewhere around 1800-2000 per month. I just cannot afford to let the home sit for 6 months without generating income.

I have 2 mortgages on the home my 1st mortgage is 1800 and my 2nd is about 280 per month. This does not include taxes. I make about 3,000.00 per month after taxes so my options are limited here.

If I rent the house, I can move back in with my parents for a year or so and gets some more of the mortgage paid down and some of my personal debt paid off. I probably owe too much on the home now to get anything back if I sell it.

My other option would be short selling it, but I have a 2nd mortgage and I know they sometimes try and come after you for the balance. I don’t want that to happen nor do I want to have to worry about a judgment or possible bankruptcy later on.

I thought there was always a problem with renting but after going through with what has happened to me over the past few years I want to get out of this home and get a comfortable rent payment so I can have a real life again.

I also plan to buy another home in the future and I want to start saving right away for a down payment. If and when I do this again I will make sure my mortgage payment is affordable.