Posted on: 06th Mar, 2009 01:00 pm
I purchased an investment property in California in 2006 and refinanced in 2007 with cash out. I can't keep it rented to make the payments. I am 3 months behind. I am not sure what to do. I have one renter and all utilities are paid so they are in my name. I want to just walk away but I don't know what my obligation is to the tenant as far as utilities etc. are. I am not sure what the best answer is. Seek short sale, foreclosure, or deed-in lieu, bankruptcy? I am also concerned with 1099 after its all over and not sure what the laws regarding this are either. Can anyone give me advice on what to do?
Can you tell me the difference between your rental income and your monthly payments? For example, renting for $1000, payments on the property of $1800. $800 out of pocket.
my income from the property is 600.00 but the payment and utilities is about 2500.00 if I was able to make the payment
What CAN you afford to pay each month on that property?
I can afford I think about 1200.00/month. I am upside down in the property. I think I owe about 240,000. I tried to refi before it effected my credit and they estimated that the property value was 200,000 so I couldn't refi