Is paying your mortgage like throwing money down the drain?
If your mortgage far exceeds the cost of your home, that is called being underwater or upside down on your home. By the time you pay your princible, interest and PMI (Private Mortgage Insurance) over the term of your loan, you could be paying up to 5 or 6 times the actual cost of the purchase price. Typically a 30 year mortgage would cost you 3 times the purchase price.
If this is an investment property you are in one bad investment. If it was a stock or other investment you would sell and reinvest the proceeds or stop the hemorrhage of money.
Contact us for a free consultation. We know how isolated you feel, and we can make a difference. We have years of experience dealing with property owenrs who are behind on their mortgage or owe alot more on the property than it is worth. Call 302-227-8191 or email at Anthony@Beachtobayrec.com
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Anthony Kulp is an Associate Real Estate Broker brokered by Bay Coast Realty.
Main # 302-227-8146