I would like to help you out. I would need to assess the property & either get it sold or find you new renters & educate you on finding the right tenants & the lease process. You don't want to loose your new home do you?
Wish you the best,
Real Estate One
If there is equity in the home you can sell. We can purchase for cash and close quickly.
You can also gets renters in place if that is what you wanted to do.
As a Realtor we are not allowed to give legal advice. You would need to contact an attorney for any legal advice.
However, in my opinion:
I'm surprised you qualified for a new mortgage while owning a rental home unless you qualify with owing both mortgages. Most lenders won't take into consideration the rent being paid on the rental home for this exact reason. If you can't afford both mortgages you need to get another renter in there immediately. If you are not able to you'll have to disclose to the lender doing your loan on the new house that you no longer have that income. Otherwise, it's mortgage fraud. You'll be asked to sign documents at closing on the new house verifying that nothing has changed financially.
Karen Paytas, GRI, CMS
Real Living Kee Realty
It may cause you a problem with your new home purchase. If you can't afford both places & your new mortgage company finds out that it isn't being rented, they may not give you your new mortgage.
I can help finding new renters. I have done alot of lease lisitngs. Total commision for that is the first month lease.
I wish you well