Im in the middle of bankruptcy and the laywer advise me to walk away from this second property i have. He laid out the future to me... my house is only worth 30 thous i owe around 51 thous and if i rent i profit only around 200 dollars with at 700 a month, not to mention will be less with toliet and other problem if it arise during tenant living area. i have about 16 more years to pay off on this property ...the house's age is around over 30 years old and its not brick type and mention that i would put more money in the future's repair due to deterioration adding on to the mortgage.
im tempted to walk away and hes guaranteed me the bank mortgage cant touch me under bankrupcty protection law.
for those who experiences and expertise what do you think and what advice do you have?
2006-10-21 12:08:54 · 4 answers · asked by uniqueeyes33 1 in Business & Finance ➔ Renting & Real Estate
Walk away, the bank can call the loan due after your bankruptcy is done. Then you will find yourself trying to refinance with bankruptcy on your record. The bank cleaned my clock after bankruptcy cause I retained my rental property.
2006-10-21 12:26:39 · answer #1 · answered by Johnny 5 · 0⤊ 0⤋
Might be a better place to live than rent, work on it as you live there. I don't think I would want it for a rental property. Sell or rent your other house.
2006-10-21 19:16:13 · answer #2 · answered by The Advocate 4 · 0⤊ 0⤋
put a you break it you bought it clause in the lease or rental agreement, and keep in touch with the renters on a weekly basis, or just sell and buy some slums. charge lots for em to desperate people. hey guess what, baltic and med. avenue's are cheap to improve, and every1 lands on em sooner or later.
2006-10-21 19:16:01 · answer #3 · answered by l8ntpianist 3 · 0⤊ 0⤋
Refinance there are programs out there that will buy out a chapter13 Bankruptcy.
2006-10-24 03:29:03 · answer #4 · answered by tammyflowers282006 1 · 0⤊ 0⤋