Posted on: 12th Jan, 2009 06:56 am
I refinanced a rental property 2 years ago. Now I owe $100k more than what it's worth. I don't know if I should let it foreclose, or do a short sale. I tried a loan modification with lender, but they declined it. I've missed 2 payments so far. I haven't had a renter since Nov 1, 2008.
Well the lender will decide if they accept a short sale and you need to have a buyer for a property in order to do a short sale.
Foreclosure is not a choice but a final action by the lender if you don't pay on the property
Foreclosure is not a choice but a final action by the lender if you don't pay on the property