Posted on: 03rd Jan, 2011 05:49 pm
I have a flex pay with One West Bank (INDYMAC). Have never been late but never even paid full interest. Upside down by 50,000. Have also purchsed another house and are renting the problem house. What is the best way to get out fromt he mortgage on the now rental property?
What affect would a foreclosure on the rental property have my my new primay residence?
What affect would a foreclosure on the rental property have my my new primay residence?
Hi scplace!
Welcome to forums!
You can apply for a deed in lieu of foreclosure in order to get rid of the rental property. If you go for this option, you won't be liable for paying off the deficient balance resulting from the property sale.
However, if you go for a foreclosure, you'll be liable for paying off the deficient balance resulting from the property sale. If you're unable to pay off the deficient balance, the lender may place a lien on your primary residence.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can apply for a deed in lieu of foreclosure in order to get rid of the rental property. If you go for this option, you won't be liable for paying off the deficient balance resulting from the property sale.
However, if you go for a foreclosure, you'll be liable for paying off the deficient balance resulting from the property sale. If you're unable to pay off the deficient balance, the lender may place a lien on your primary residence.
Feel free to ask if you've further queries.
Sussane
If you are underwater and owe more than what your house is worth, you may to inquire about a principal reduction through a loan modification. Depending on where the house maybe located, the lender maybe interested in reducing the principal, especially if you are considering walking away. However, if you let it go to foreclosure and it is not your primary you can still be liable for the difference and the lender may go after you and place a judgment against you.
You should research all your options and see what the laws are in your state about judgments and foreclosures. Good LUCK! Feel free to email if you have more questions.
You should research all your options and see what the laws are in your state about judgments and foreclosures. Good LUCK! Feel free to email if you have more questions.