|
Everything works in cycles. There never was a "bubble" in MI. Bubbles were in CA, DC - places like that with double-digit growth. While the population in Detroit is shrinking there is far too much infrastructure there that Toyota, Honda, etc., will be able to purchase for a song. And then the cycle continues.
You should absolutely consult an expert and get several opinions. You will pay a higher rate for an unsecured loan of the amount I suspect you will need. And you don't really know what you home is worth until you try to sell it.
My big question is how could you sign a mortgage agreement and not understand the terms? I guess this will be a good learning experience? That and always ask the price before you order!
You won't be able to deduct the loss on your home on your taxes but you can deduct rental losses and all cost associated with the rental - if I'm not mistaken -including trips to MI to check on things.
Good luck!
__________________
If you're wringing your hands you can't roll up your shirt sleeves.
Stangers have the best candy.
|