Posted on: 26th Oct, 2012 12:50 am
hello there… i own two properties in florida. one of them is paid off in full and the other one is underwater. both of them are rented. i live and rent in ma where i have a steady job. i talked to my lender and they would refinance from 6.25% to 4.75% (harp 2.0 investment prop). it will drop loan but still won't cover the monthly expenses. what are my options? can i get rid of the second home? am i stuck with it and can only do harp 2.0?
you can sell off the property in order to get rid of it. if you don't want to keep the property, you can contact your lender and apply for a deed in lieu of foreclosure in order to sell off the property. if the lender is convinced, he will consider your request.
Hi Carl,
To know all about deed in lieu of foreclosure, you can check out the given page: http://www.mortgagefit.com/deed-lieu.html .
To know all about deed in lieu of foreclosure, you can check out the given page: http://www.mortgagefit.com/deed-lieu.html .