Posted on: 29th Oct, 2010 09:10 am
I purchased a second house 4 years ago in Fl for investment purposes. I have had a tenant from day 1. Recently they stopped making payments and I cant afford to make the payment. I am 4-5 months behind and the mortgage company will not take a partial payment. (Bank of America). I want to get out of this house as it is underwater. I owe 145K and cant sell it as there are SO many houses for sale. I paid 180 K HELP!!!
Welcome thomasbass,
As you're facing hardship in paying off the mortgage, you should contact your lender and apply for a deed in lieu of foreclosure. This will help you in selling off the house. Moreover, you won't be liable for paying the balance amount resulting from the sale.
As you're facing hardship in paying off the mortgage, you should contact your lender and apply for a deed in lieu of foreclosure. This will help you in selling off the house. Moreover, you won't be liable for paying the balance amount resulting from the sale.