[Rick Lee]

Ok, let's throw my situation out there. My house in VA is rented out now for about $25 per month more than my carrying costs. But I am always worried about my tenants skipping on me or losing their jobs and stopping the payments. I was told today that I will probably be canned as of April 1. Right now I need to save every dime and spend every free minute looking for a job. What do I do if my tenants skip on me? I can't carry that house on my own even with my current job and certainly can't do it if I'm unemployed. I don't know that it would sell for what I own on it. I might be a tad upside down. I'm not sure what other houses in the hood are doing and I suspect there are several foreclosures there, which not only kills prices, but also makes them very hard to sell because of investor/owner ratios Fannie/Freddie and FHA require. Do I walk? What choice do I have? There is no sympathy in these gov't. programs for investment properties. But I bought it as a primary, lived there for 3+ years and moved to AZ for my job, which I'm about to lose. No chance that any kind of new gov't. program will apply to me. My wife suggested moving back there. But it makes no sense for us to incur moving costs and move to a more expensive place where both of us would be unemployed, not to mention how miserable I'd be there.