Posted on: 30th Aug, 2010 05:13 pm
Bk discharged June 2010. Have a rental property that is $75,000 upside down and I pay $175.00 a month out of my pocket to keep. The property is under a rental agreement until Jan 2011. I can not affort to keep paying $175.00 a month anymore. I will like to walk away form the property and foreclose on it. Does any one know how will it take from the bank to take over the property? Could I buy the 5 month I need for my tenant to complete the rental agreement?
Thanks,
Manuel
Thanks,
Manuel
Hi Guest!
Welcome to forums!
Once you walkaway from the property, the lender can start foreclosure procedure immediately. As there is a rental agreement till 2011, you can try making the payments till then and after that you may walkaway from the property.
Sussane
Welcome to forums!
Once you walkaway from the property, the lender can start foreclosure procedure immediately. As there is a rental agreement till 2011, you can try making the payments till then and after that you may walkaway from the property.
Sussane