This article described my exact strategy. I have investment homes underwater by 100K--two. I have used the rental income to pay off credit cards and an equity line on my primary home; and, armed with SCRA protections I am trying to bully the banks to modify the loans. Otherwise, I will short sale. But, the extra cash has allowed to me to pay down debt and spend when I otherwise would not have been able to.
Just think--I came up with this idea without Obama and Gietner guiding me....how did I ever manage!?
This article described my exact strategy. I have investment homes underwater by 100K--two. I have used the rental income to pay off credit cards and an equity line on my primary home; and, armed with SCRA protections I am trying to bully the banks to modify the loans. Otherwise, I will short sale. But, the extra cash has allowed to me to pay down debt and spend when I otherwise would not have been able to.
ReplyDeleteJust think--I came up with this idea without Obama and Gietner guiding me....how did I ever manage!?