Posted on: 03rd Jul, 2009 08:18 am
We have 4 single family rental properties. They have been on the market with no sales. Value is far less then the mortgage. We need to get out of them immediately. They take cash ($500-%1000) every month to meet the mortgages. We are not behind (currently) and never have missed a pmt, but we are close to running out of money to keep them. I want to give them back to the mort companies, but don't know if any of the new tax laws apply to this type property. What can we do to get out of them? Is short sale an option or deed in lieu?
Have you offered them to the tenants on a rent-to-own basis?