MY property has been rented out by a reality company-the tennant has not paid her rent in two months, I can not afford to pay my current mortgage in the property that I live in and the mortgage on the rental property is there any recourse besides foreclosure ?
2007-12-18 18:19:30 · 10 answers · asked by Lucki2 1 in Business & Finance ➔ Renting & Real Estate
evict her and get a better tenant in there.
2007-12-18 18:27:31 · answer #1 · answered by mags 3 · 1⤊ 0⤋
you don't have income property if You cannot not pay the mortgage, it's not your tenants fought that your mortgage is not paid. that's whats wrong with so called investors, they think all they have to do is put a tenant in the home and everything will be ok. before you invest you should have enough coming in each month to cover payment from your income.
why is the tenant still in the house if they have not paid in two months, they should have been evicted the first month. get a property manager that will do the following
check tenants out credit, employment, check writing history, rental present and prior and criminal.
they should also give you a copy of everything for you to see. do not take their word that they would make good tenants. ask the PM how long they wait before they start eviction process.
you might try selling the rental now at a low low price.
good luck
2007-12-19 03:01:26 · answer #2 · answered by jeanniep 5 · 0⤊ 0⤋
You could try and save up to get current on the property again, either by cutting costs somewhere in your own life or finding a more reliable tenant.
Refinancing or selling the house would help you avoid foreclosure, as well. If your credit is still decent, you may be able to refinance and end up with a new loan in a month. Of course, you'll have to prove your income in order to afford the loan, and that may require you to show rental income.
Don't rely on your tenants to make on time payments every month. You need some sort of emergency fund to pay the mortgage for at least 3-6 months in case of a drop in income like you are experiencing. That would carry you through the eviction process and the time it will take to find a new tenant.
Good luck.
ForeclosureFish
2007-12-19 02:29:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Dude, I own investment property and I can always cover my mortgage should a tennant or two move. If you have not paid for 2 months, the bank has not started foreclosure proceedings in the property. Legal eviction will take time and cost a few bucks. Can you not borrow money from another source?
2007-12-18 19:50:24 · answer #4 · answered by Your #1 fan 6 · 1⤊ 1⤋
Give the current tenant a 3 day to pay or quit notice. Start eviction procedures and FIRE YOUR REALITY COMPANY! Advertise the home for rent. But you have mentioned that you have not paid on your own home as well?
Call your lenders and let them know what is going on.
And FIRE YOUR REALITY COMPANY!
2007-12-18 21:06:52 · answer #5 · answered by Big Deal Maker 7 · 0⤊ 0⤋
Hate to split hairs but you are incorrect. Your property is not going into foreclosure because your tenant won't pay rent, it's going into foreclosure because you failed to plan for your tenant not paying rent. If you are walking such a tightrope that 2 months of not collecting rent would put you into foreclosure you never should have owned investment property to begin with. Sorry if this sounds harsh, but it's reality. You were going to get foreclosed on eventually anyway with that financial setup.
2007-12-18 18:49:03 · answer #6 · answered by Anonymous · 3⤊ 1⤋
do no longer pay attention to three of those human beings. the fact that the home is in foreclosures does now no longer discharge you out of your condominium settlement. You pay the owner except such time as he/she now no longer owns the residing house (ie foreclosures finished). shield in mind, that it somewhat is not a "rapid sale". In cases like that, the hire would desire to be parcel to the sale and you may definitely be paying the recent proprietor. In a foreclosures, the lease merely isn't parcel to the sale and it quite is null and void on the element of commerce of possession. the fact that landlord is "pocketing the funds" and not paying the financial employer with the hire which you pay him merely isn't your situation or your undertaking. His lending settlement became into between him and the financial employer, and does no longer divulge you to any criminal accountability or absolve you of any accountability. What ordinarily happens at that element is that the financial employer will deliver somebody there to furnish you a "funds for keys" settlement. They rather in many cases furnish you a delegated quantity to vacate as quickly as achieveable. in the different case, you ordinarily have 30-60 days till now you would be evicted. Then, the sheriff's dept. Can come and get rid of you. something nevertheless in the residing house at that element is long previous long long gone long gone. it quite is on your astounding pastime to no longer enable it get to that element. i'd propose which you staring at for a sparkling concern to stay, perfect now.
2016-10-08 22:03:33 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Not if you can't sell the property.
I personally think if you own one rental property, that you are flushing money down the toilet hiring a management company...there really isn't a reason of why you can't manage one property alone.
Also, rule of thumb on investment property: If you can't pay the rent in the event that your tenant vacates, you can't afford the property.
PS: A management company gets paid the same whether the property is rented or not....that is why, unless you have alot of properties, always manage your own.
2007-12-18 20:18:35 · answer #8 · answered by Expert8675309 7 · 1⤊ 2⤋
the tenant should have been given an eviction notice on the 5th day the first time they did not pay not two months latter
2007-12-18 22:36:31 · answer #9 · answered by goz1111 7 · 0⤊ 0⤋
Evict the tenant.
Do a background check on future tenants and find one with a decent history.
2007-12-18 18:25:31 · answer #10 · answered by godged 7 · 3⤊ 0⤋