Posted on: 06th Nov, 2009 09:56 am
My husband and I bought 2 rental properties in Detroit and we may have to foreclose on one as we can't keep reliable renters in it. The house is estimated to be worth about half of what we paid for it and we can't keep covering the mortgage payment. What recourse can the the lender have against us if we do so?
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Like you said, they will probably foreclose. A few questions...
1. How much did you pay?
2. What are the taxes?
3. How much is the rent?
4. What is the property worth now?
1. How much did you pay?
2. What are the taxes?
3. How much is the rent?
4. What is the property worth now?