Posted on: 03rd Jun, 2010 02:51 pm
I have a rent house and it has been a noose around my neck. I cannot keep renters that will pay. I moved to get a job. So I live 6 hours from this property. I have stuggled for two years to get my mortgage current. Working two jobs etc. I am barley hanging on. I live on the coast (where the oil slick it) and probly going to lose my job. I just evicted my renters. What do you think I should do. I owe more than the property is worth. I am tired of begging my relatives to help me with this property.
Should I short sale?
Should I short sale?
hi guest!
welcome to forums!
rather than short selling the property, it would be better if you could contact your lender and apply for a deed in lieu of foreclosure. though it will have a greater credit affect, you won't be liable for the deficient balance resulting from the sale of the property. this deficient balance resulting from the deed in lieu of foreclosure will be forgiven by the lender.
feel free to ask if you've further queries.
sussane
welcome to forums!
rather than short selling the property, it would be better if you could contact your lender and apply for a deed in lieu of foreclosure. though it will have a greater credit affect, you won't be liable for the deficient balance resulting from the sale of the property. this deficient balance resulting from the deed in lieu of foreclosure will be forgiven by the lender.
feel free to ask if you've further queries.
sussane
You should try the Mortgage Reduction program where they work with the mortgage company to reduce your payments if you have a or upside down mortgage (owe more than your house is worth today). Is not a loan modification because most people are denied. The company donot charge anything until they can reduce your mortgage. They can also help if you are current with your payments. You can go to www(dot) bestfreebusiness (dot )info (link don't work on the forum), click on Mortgage Protection, fill in a simple application and someone will contact you. I feel this is the best way to go, especially for people in danger of losing their homes or need their mortgage reduced. You can also email me at bernasbusiness(at) yahoo.com. Good Luck.
I have a friend who owns rental properties in the Gulf Coast region as well. She uses a property management company to find, retain, and deal with renters. Why don't you try that before you tarnish your credit and integrity?