foreclosure liability
What can I do, I can’t keep on paying on my rental property?
I can’t keep on paying on my rental property; the rents aren’t close to the mortgage. Selling is out of the question, I’m upside down on the value of the house. Bankruptcy, foreclosure or short sale are my only options. I know they’re all bad but which one will leave me with the less liability and which is the “best”?
Your best option will be a short sale, however in order to do that, the lender has to agree.
However, you can try to negotiate with the lender the terms of your loan. The way the mortgage industry is going through, is very critical and they are willing to help you before they proceed with the foreclosure process as it is very expensive and they will end loosing more with NPA
Good luck!!
