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Updated about 13 years ago,
Best way to get away from homes that are underwater ?
My friend has 2 homes, the first is his primary residence, and has a current market value of 370k, and he owes about 360k on the mortgage.
The second home is his vacation home, that is vacant, and has a current market value of 250k, and he owes about 320k on the mortgage.
Each property is costing him about $3,000 each month for PITI.
He wants to unload both properties, and go back to renting for the time being, as that would improve his cash flow quite a bit.
He is current on both mortgages, never been late with any payments, and has good credit, also.
Can he list the properties as a Short Sale, and then stop paying, and move out ?
What would be the best way to him to handle this ?