Posted on: 04th Dec, 2008 06:23 pm
I have investment properties in South Carolina and Pennsylvania. I'm trying to sell them all but its been very difficult. I'm behind in mortgage payments. The rental income is not enough to cover the mortgage payment. What do I need to do?
Darrell
Darrell
Hi darrell!
Welcome to forums!
You should speak to your lender and check out the options of short sale or a deed in lieu foreclosure. Both the processes of short sale and deed in lieu are similar. You will have to deed back the property to the lender and he will give you a mortgage release certificate. Then the lender will try to sell the property in the market. There are chances that the property will be sold at a deficient amount. In case of a deed in lieu, the lender will forgive the deficient amount but in case of a short sale, you will have have to pay the deficient amount.
To know more about short sale and deed in lieu foreclosure, check out the following links:
Avoid Foreclosure with a Deed-in-lieu
Short Sale Affects Credit Score - how many points do you lose?
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You should speak to your lender and check out the options of short sale or a deed in lieu foreclosure. Both the processes of short sale and deed in lieu are similar. You will have to deed back the property to the lender and he will give you a mortgage release certificate. Then the lender will try to sell the property in the market. There are chances that the property will be sold at a deficient amount. In case of a deed in lieu, the lender will forgive the deficient amount but in case of a short sale, you will have have to pay the deficient amount.
To know more about short sale and deed in lieu foreclosure, check out the following links:
Avoid Foreclosure with a Deed-in-lieu
Short Sale Affects Credit Score - how many points do you lose?
Feel free to ask if you have further queries.
Sussane
Thanks for the reply the property is up for a short sale we had some offers but nothing pan out. I will inquire about Deed-in-lieu.
Welcome darrell,
Deed in lieu is a process wherein you will have to give away the property to the lender who will offer you a mortgage release certificate. The lender will then sell the property in the market to recover debts. If there's a deficient amount, the lender will forgive it but you will have to pay taxes on that forgiven amount.
Deed in lieu is a process wherein you will have to give away the property to the lender who will offer you a mortgage release certificate. The lender will then sell the property in the market to recover debts. If there's a deficient amount, the lender will forgive it but you will have to pay taxes on that forgiven amount.
Hi,
Its a problem that rental is lower than mortage payment.You can co
consult to any lender and take advoice from him . And try short sale or Deed in lieu.
Regards
Dilip
Its a problem that rental is lower than mortage payment.You can co
consult to any lender and take advoice from him . And try short sale or Deed in lieu.
Regards
Dilip
dilip...please, please, please pay attention to the age of the post to which you are replying. are you just trying to make a buck?
