Foreclosure University Forum

which house to keep...................

by joe friday, Friday, February 20, 2009, 22:19 (3746 days ago)

We are in trouble. We have lost our tenant in our rental house and cannot rent it to cover the mortgage or sell it for what we owe {130k}.
We are also upside down in our primary residence, owing 210k on a home worth around 150k at very best.
Our dilemna is: we are seriously considering moving into our rental house, homesteading it {we live in Florida], and letting the bigger, more expensive one go to foreclosure or short sale. It would be a serious downsize, 1800 sq ft to 600 sq ft.
We realize this is our decision but want to know if there are any negatives or positives to going through a foreclosure on a primary residence vs a second home ie: credit reporting,balance owed....A Deed In Lieu wouldnt work as we have 2 mortgages on each property at competitive rates.
Any input> thank you very much.

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