Okay, here’s the situation:
I have a rental property that is financed at 7.5% (from 2007). I am probably $70,000.00 upside down. The only current way I can continue to make the mortgage payments is to take the money from my 401K turned IRA, which generates a 10% penalty to the IRS. Or get the rate reduced so that the payment is closer to the rent I receive. But I can’t refinance with this sort of a deficit, right?
I know there are programs for home owners in trouble, but this isn’t my home.
I’m just trying to slow the bleeding down…
Do I have any other options available to me that I am unaware of?