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Updated over 8 years ago,
Need advice! Hurt by the big short.
In 2007 I purchased a home for 220k with no money down and an interest only payments for 10 years. Since then the home is now worth 210k and i am stuck with an interest rate of 6%... Currently have a renter in there but am taking a $300 loss each month. The renter has signed a lease for 2 years but is considering purchasing... I hear lot of people on BP say,"they wish they never sold any of the homes they purchased." In my situation would it be smart to keep it??? I am having a difficult time getting refinancing. Not sure what to do? Can anyone give me some options or advice on how can come out of this situation not feeling completely burned by real estate investing?
-Joseph