Posted on: 24th Jun, 2009 06:29 pm
I have a investment property with 2 other parners,1 of the partners walked away and wants nothing to do with it,the tenant lost their job and struggling to pay,My partner and i have our primary house situation and family to support in this struggling econmy,making it difficult to keep.I want to walk away and cut my losses any advice would be appreciated.
jerrdhugg
Welcoem to the forum
You want to call your bank and check with them to see if you qualify for loan modification first, if nto look at short sale or deed in lieu options
Good luck and feel free to ask
Welcoem to the forum
You want to call your bank and check with them to see if you qualify for loan modification first, if nto look at short sale or deed in lieu options
Good luck and feel free to ask
hi jerrdhugg,
if you want to let go of the property, you can talk with the loss mitigation department with the mortgage company and find out if a short sale or a deed in lieu is possible to avoid a foreclosure. a short sale will be less damaging on your credit, but you may have to pay the deficiency from the short sale. a deed in lieu, on the other hand, would be almost as damaging as a foreclosure, but you can expect the deficiency to be forgiven by the lender.
if you want to let go of the property, you can talk with the loss mitigation department with the mortgage company and find out if a short sale or a deed in lieu is possible to avoid a foreclosure. a short sale will be less damaging on your credit, but you may have to pay the deficiency from the short sale. a deed in lieu, on the other hand, would be almost as damaging as a foreclosure, but you can expect the deficiency to be forgiven by the lender.