Tuesday, June 7, 2011
He stopped making mortgage payments on two homes in October 2009, a condo purchased for $140,000 in 2005, and a house he bought two years later for $265,000. He had occupied the condo until he bought the house, and then rented it out. "I would have kept up the payments, but the condo was appraised for $54,000 and the house, $135,000," said Horton. To keep paying off the homes didn't add up. He could rent a nice three-bedroom home in town for about $1,000 a month, less than half what he was paying for his mortgages, even after rental income.