Dear Friends and Family, I just received a phone call from the bank that owns the mortgage on our house in Sylmar. They informed us that they will not reduce the principal. Our house is home, and we have enjoyed living here for the past 16 years. We are running out of resources, and no one I know will hire either or both of us to produce income sufficient to make a go of it. Three years ago, I retired. At that time, we were advised that we had enough saved funds to make a go of it. The stock market set us back by a cumulative loss of over one hundred thousand dollars. We have been drawing from the remainder in order to keep the house, but we knew that eventually, that resource would dwindle to the point of no return. One possible way to save the house is to rent it out, and move ourselves, our cats and belongings to a much smaller apartment, in the hope that rental income would enable us to maintain the house. Or do a short sale, which we would really not like to do. Any suggestions from our friends and family would be welcome. Please do so via private message or email. Thank you. Doug and Bob
Posted on: Tue, 25 Mar 2014 01:15:43 +0000
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