When I retired from the military in 2005 there was a delay in my second career. So I found a temp job and stayed in the area. We couldn't find a home or townhouse to rent at the time. Since houses were rocketing up in value we decided to buy and then sell for a small profit later. When we did move and start my second career the house did not sell, sat empty one year, and now we have been renting it out for the past 10 years. Due to our initial plan of selling after one year or less, we got a interest only ARM. After 10 years of only interest, now I am paying on the principle. We have inquired several times about refinancing but have been repeatedly told we are inelligible for refinancing because it is an "investment home". Of course we are totally upside down in the house and the only way we could refinance is if we paid the difference, which is financially impossible for us. Our latest tenants moved out about a month ago so I am paying everything. If I don't have tenants soon I will be unable to pay the October mortgage. I really need to talk to someone about what my options are and the best course of action for me to take. I don't know who that would be. Where can I find professional advice in this area?
Plugs01. I can understand how stressful this situation has been. As part of your membership, we do offer Financial Advice, please reach out to one of our financial advisers when you have time. 800-531-8722. Wish the best to you, ~ Lori