I have a rental that is $200K underwater in value with $3K a month inout of pocket expense. Can I foreclose?

Brian Sapiro
Brian Sapiro
Home Seller
North Fort Myers, FL

How do I foreclose without having it affect my credit score? My wife and I would like to buy a new house soon. This was an overall poor investment.

Sun Feb 22 2009, 17:33 - Foreclosure in North Fort Myers - 1 answer
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SARAH GARRETT
SARAH GARRETT
Agent
Fort Myers, FL
FIRST ANSWER

Hi Brian, You may be able to quick deed the ($200K Underwater) to relative like your wife and go ahead and make your new purchase in your name before she losses the house. Any foreclosure (yours or hers together or separately) will affect your combined credit if you need both incomes to get future mortgage approval. I am so sorry for your circumstance. If only we all could have seen what was coming. I will try to help you the best I can by putting you in touch with a good RE Attorney. Call me at 239-464-8620.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
239-274-6637 x 3030 http://www.homebuyersellerhelp.com
sarahgarrett@argfl.com http://www.argfl.com

Sun Feb 22 2009, 18:46
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