Home Buying in Chicago>Question Details

Sam, Home Buyer in Chicago, IL

Short sale on rental property.

Asked by Sam, Chicago, IL Thu Oct 18, 2012

I have moved out of the area and bought another home. I am renting out my previous home but it is below the mortgage payment. I am tired of losing money each month and I am considering a short sale. My tenants have a year left on their lease. What are their rights? Can they prevent this process from happening?

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Answers

2
Before considering the short sale, it may be in your best interest to consult with an attorney...
0 votes Thank Flag Link Fri Oct 19, 2012
Sam,

Getting the tenant out is not impossible, buy them out. But getting a short sale approved by your mortgage company might be tricky. First thing they want to see is hardship and your property being underwater is not considered hardship.

Feel free to contact me and explore your options.

Jose Hernandez
Coldwell Banker
312-788-7079
0 votes Thank Flag Link Fri Oct 19, 2012
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