Home Selling in Memphis>Question Details

Alexa Tutor, Both Buyer and Seller in Lakeland, TN

I have a house I'm currently renting and we are going to evict the Tenant and we want to get rid of the

Asked by Alexa Tutor, Lakeland, TN Fri Jan 16, 2009

I have a house I'm currently renting and we are going to evict the Tenant and we want to get rid of the house. We can't sell w/out pre-payment penalty for another year, and we owe back taxes. I've already filed bankruptcy so my credit is already bad. Would a foreclosure effect my credit anymore? Bankruptcy was only 2 years ago. Any tips? We just don't want it anymore!!

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Alexa: I recommend that you connect with a short sale Realtor to assist you with negotiating with the lender to allow a short sale on this property. Foreclosure is absolutely the worst that you can allow. At least try to work with the lender and allow them the opportunity to gain as much of a return on their investment as possible and hopefully not foreclose on you. You can recover from bad financial decisions during this sale process but it is my understanding that it is more difficult with a foreclosure. I am a Certified Distressed Property Expert and a Short Sale Specialist in Memphis, Tennessee. If you wish to contact me, if would be my pleasure to answer your questions and offer some suggestions.
Web Reference: http://www.DriverTeam.net
0 votes Thank Flag Link Sat May 2, 2009
Call the bank and see if they'll forgive the pre pay penalty, it's worth a shot. Tell them your situation and see if they'll work with you. If they won't forgive the penalty, ask if they'll do a short sale.

A short sale isn't as harsh as a foreclosure, and it's becoming a popular method for homeowners to get out of their home. Basically the lender agrees to take less than you owe for your home.

If you'd like more information, please let me know. I've successfully sold several short sale properties this year, and understand the process completely so that it will be a seamless process for you and your family.

Check out my profile, and if you think I'm a good fit for your needs, give me a call 901-201-0280 or send me an email at jennifercarstensen2008@yahoo.com and I can help!

Jennifer Carstensen
Keller Williams Realty
0 votes Thank Flag Link Fri Jan 23, 2009
Sounds like a bad situation that may be getting worse. Talk with an attorney or accountant. Is the current tenant paying you an adequate rental amount? Is the tenant paying on time? What are the provisions of your lease agreement? If you attempt to sell and you know you will have to pay a pre-payment penalty, how much is it? Is it in your best financial interest to face paying the penalty? Do you have the cash available to pay it in the event the house doesn't sell for an amount enough to pay the penalty besides everything else you owe on it including the back taxes? You should be getting enough in rental income to cover the taxes, insurance, maintenance and upkeep plus some type of income amount if you've set the rental rate and terms properly. I believe that any event that takes place after the bankruptcy usually causes new information and effects on a
credit report, but you should talk this over with an attorney or accountant or both for specific and professional advice. You're facing a tough decision after already facing a tough time think this through thoroughly and seek out the advice of those professionals.
0 votes Thank Flag Link Tue Jan 20, 2009
I would talk to either my lawyer or a credit counsler about how this would effect my credit down the road. If you have been clean since for the last 2 years I would try every thing I could to kep it going in the right direction.
0 votes Thank Flag Link Fri Jan 16, 2009
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