Negative cash flowing, negative equity rental property.

[Russell Hargrove]

I purchased a SFR in a suburb of Philadelphia in late 2006 with an 80/20 loan for $355k as my primary residence. My family and I lived there for 10 years and and have since relocated to Southern California. We now rent the property for $2300/month and our mortgage, taxes and insurance are approximately $2900/month. Wait... it gets better... There is a $110k balloon payment following our 40year loan of 8%. I took a personal loan of 7 years (6 years remaining) to bring the 20% loan from 11% down to 8.5% and that is $1650/month. The house was appraised for $295k and the balance on the 80% loan is $265k. Any advice on how to make this better would be greatly appreciated!!! Thanks so much in advance.