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Originally Posted by XLexusTech
Thanks.. Greg... ok Phase II... (your answer triggered this) I also have a Condo that I own same loan situation 80/20 underwater... the HELOC is at 8.5... Same situation.. i pay off the HELOC and its still under water.... I rent it out and have so for about 5 years...it just about break even annually... give of take a few hundred bucks..... do I pay off that HELOC?
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NO -- Someone else is already doing that for you.... the renter!
Take the write off.... let the render spend his money paying down your mortgage... eventually the property will be cash flow positive and hopefully will also increase in value. Meantime your cash should be earning money at a separate rate...