Ducky,

You can absolutely sell! You can rerent. You can call the lender and ask for a loan modification (though they are more rare on investment properties than on owner occupied homes.) Pease consult an attorney on this last resort since there may be reprecussions, foreclosure is an option.

The right course of action depends on your loan, your history with the property, and the sum total of your financial status. You should be working ALL these angles at the same time. Try to rent, call the lender for a remodification of the loan, call a realtor (980-3248 I'd love to help) to list the home as a short sale, and consult an attorney regarding the consequences of foreclosure.

Hi there!

I agree with Keith..in that your first priority should be finding a tenant. There are other options as well which I'd be happy to discuss with you if you like. I have been providing free loan modificiations for people as a way of giving back to my community. I am offering you the same....if you hire someone, they will charge you $3500- $5000 and 99% of them dont follow through with the paperwork after the initial denial. Please feel free to call or email me anytime. Good luck.

Kamal Randhawa
Broker
510-932-1066

Ducky
What prevents you from renting it again?

For a loan modification you will need to re-qualify for the new loan. If the lender did agree to a lower payment, would you qualify with your husband out of work? If not, then you have fewer options.

It sounds to me based on your statement getting the property occupied by a new tenant should be your top priority.

Loan Mods work about 8% of the time. A short sale may be your only way out.. check these guys out http://www.innovatek.tv/nqs/quick2.html

What you need to do:
1) Who is the mortgage with on that house and do you have a 1st and a 2nd? Contact the bank who you loan is with and inquire about their modification department.
2) What interest rate are you at and what type of loan is it. If your rate is high they may be able to lower it. It never hurts to try.
3) Have you put the property on craigs list to find another tenant? try to find another renter.
Ideally you want to modify your loan and find a tenant because since it was an investment the repercussions of a short sale could be less than ideal. Always consult a real estate lawyer before you do a short sale. A realtor or lender is not the right resource for a financial decision of this nature.

I'm sorry to hear your situation. Have you tried for loan modification? You can talk to your lender for loan modification so that they can lower your payment which you can afford. But if you havent that much income and cannot qualify for loan modification then you have to do short sale. You can qualify for a short sale. If you are planning to sell then you need an experienced short sale agent who can assist you in selling your house. Let me know if I can help you further in short sale, I have experience in short sale and a Certified Short Sale Specialist.

Blaison Samuel
510-366-9405