Shannon, thank you for the opportunity to help with this difficult situation. As a fellow landlord for rental properties in Antioch, these are understandable challenges that must be brutal given your latest news at work. Can you share your property address (or even just the specific neighborhood)?

This should allow us to help you determine what the actual outlook might be to sell (short sale or otherwise). It may also help us determine if we have clients that could be potential buyers, renters, or offer some relief for your situation. Does that make sense?

Hi Shannon,

It seems like Len will be able to assist you with the sale if that is your choice. If you have a good loan on the property and want to keep the property it seems that you need better property management to screen your tenants especially if there is a lease option tenant who is interested to purchase. With the property being upside down this is difficult unless you can offer a long term lease option 5 years, but if the property is running negative as you know it's like feeding a crocodile each month!
If the property is an investment property sometimes the lenders want your other assets, what they say is that "pay us and take it from somewhere else". Especially if your loan on your Antioch TN home might have been a refinanced loan and you took money out in the last two years, they want that money back. If the loan was a purchase loan then things may be in your favor a little more.
I would suggest starting here, find out how your lender will take the property back, Deed of Trust or Judicial Foreclosure?
Is your loan recourse or non-recourse?
Ideally you will want a Non-Judicial Foreclosure with a Non-Recourse loan. This situation would be the easiest to move a short sale through because the lender has very little leveral and you can work with Len since you mentioned that the property is upside down and if you want to get out of it quickly.
If the lender typically uses a Judicial Foreclosure and your loan is recourse, the lender may want a promissory note from you meaning after the sale of the home you have a re-payment plan with them for 5-10 years and your Realtor can help you with this in more detail.

I am happy to refer you to a website which has a free 45 minute video for all the options for homeowners who have property upside down, it's for homeowners and investors and I hope you find it useful. Which every option you choose, if your credit is compromised I offer credit restoration services and I will be happy to work with you to repair and rebuild your credit rating. Please see the link for more information.

http://www.foreclosureoptionsnetwork.com

Hannah Fliegel
The Credit Restoration Expert

Shannon,
IT sounds like you just need to sell it. I realize that you are probably going to lose money so I will be happy to work with you to reduce my listing commission. I'd love to talk to you in more detail about this situation, please feel free to give me a call. You can contact me through my website. I look forward to hearing from.