I have 2 rental properties that I am losing on,, big time , every month. I would like to give it back to the mortgage co. without a foreclosure penalty.. is this possible?? or is there another solution ??
2006-07-01 07:13:51 · 7 answers · asked by moham 1 in Business & Finance ➔ Renting & Real Estate
When you give a property to the mortgage lender, it's called a foreclosure. You can't have a foreclosure without a foreclosure. So sell it, while you can.
2006-07-01 07:21:02 · answer #1 · answered by NC 7 · 0⤊ 0⤋
If you are behind on the mortgage payments, you can ask your lender about a "deed in lieu of foreclosure". But, in the eyes of a lender (If you plan on trying to qualify for a new mortgage or refinance any time in the next couple of years) 120 days late is considered a foreclosure.
Try to sell the properties first. If you're asking a low price (just what you owe on the mortgage and closing costs) you shouldn't have any problem.
2006-07-01 08:32:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You would want to sell the properties. There are other possible alternatives depending on the circumstances.
2006-07-01 07:56:23 · answer #3 · answered by Zonian 1 · 0⤊ 0⤋
A solution is to sell them
2006-07-02 02:19:23 · answer #4 · answered by KathyS 7 · 0⤊ 0⤋
sell them
2006-07-01 07:16:55 · answer #5 · answered by ? 2 · 0⤊ 0⤋
no, you will need to try and sell them.
2006-07-01 07:16:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
sell!!
2006-07-01 07:18:43 · answer #7 · answered by yodsef B 2 · 0⤊ 0⤋