I own a rental property and my mortgage just increased again & the tenant I had ran out with months of

Asked by Julie Hernandez, Lake Worth, FL Tue Mar 11, 2008

payemnts due! I am thinking of foreclosing on it because I can't afford the new payment & I don't live in it, Please any advice ????

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Dan and Mich…, Agent, Boca Raton, FL
Tue Mar 11, 2008

Thanks so much for your question. I can really sense your frustration.

Unfortunately, a LOT of people are in a similar situation to you. There IS a way out, without ruining your credit with a foreclosure.

Do you know what a short sale is?

A short sale is when a mortgage holder is willing to take less than the amount owed to them. Most people think that because they owe more than the property is currently worth, that all they can do is let the bank foreclose. Not true. Banks are often willing to take substantially less, because it will cost them $10's of thousands of dollars to hold it through the foreclosure process.

This is the kind of message that struggling homeowners, like you, really need to know. Wouldn't you agree?

If you have specific questions, I would be more than happy to talk with you. Please, feel free to call me at 561-948-1591, and visit our website at http://www.NathansonBrothers.com

To Your Success,
Dan Nathanson
1 vote
spencerlacey, Home Buyer, Bealeton, VA
Fri Aug 17, 2012
Your current lender will try to help you, as long as you don't deal of Bank of America. I have had nothing but headaches with them. A few years ago, they approved a modification and then told me the modification wasn't good. I fought with them for almost a year while they were trying to foreclose on the property. After everything was said and done, I kept the property, but they calculated fees on for someone to go to the house to see if it was owner occupied. When I filled out the modification papers and wrote the hardship I informed them that it was a rental property. Bank of America still says I owe at least a full payment. So it still looks as if I am behind in the mortgage.
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Teddy Jagess…, , Wellington, FL
Wed Dec 2, 2009
Sorry to hear that bad news, you can call your lender and speak to them i all else fails you can short sale the property or offer a Deed in Lieu if there is only one mortgage on it
Web Reference:  http://mypbchomes.com
0 votes
Cheryl Hale, , Mortgage Broker in Boca Raton
Tue Mar 11, 2008
Matthew has given you some great advice..please do contact your lender and see what options you have available. They will be more than willing to work with you. In addition, realtors also specialize in rentals...they may be able to find you a well qualified tenant . If you decide a short sale is in your best interest, make sure you contact a realtor who is experienced with short sales and has a good handle on your particular neighborhood/subdivision.
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Matthew J Bl…, , 33410
Tue Mar 11, 2008
Julie, Before trying to attempt a short sale. My suggestion is to contact the Lender directly. In many cases they will help you modify the mortgage and keep the payment the same for x amount of months. Before walking away and having this on your credit report see what you can do first. If you exhaust all efforts then attempt to sell or if you have to maybe a short sale.
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Herman Chang, Agent, Palm Beach Gardens, FL
Tue Mar 11, 2008
You have the option of finding another renter or you might considering doing a short-sale. Short-sale's are done on properties were the owner is upside down. Let me know if you need more advise.
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Don Tepper, Agent, Burke, VA
Tue Mar 11, 2008
Contact your lender; try working with them. Almost any solution would be better than allowing it to be foreclosed upon. I'm assuming there's little or no equity in it. If there is, try to sell it for just what you owe (or more, if that's possible). Thus, you also should contact a good Realtor and get that perspective and advice. At the very least, the Realtor might attempt a short sale. It's not good, but it's far better than a foreclosure.

Hope that helps.
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Paula Bean, , Orlando, FL
Tue Mar 11, 2008
Such a sad issue Julie, but many are in your same boat.
I can help you with making the best decision. How much is your property worth? How much do you owe?
How far behind are you on the pmts with the tenant running off?

Can you make up the payments and get current on the loan? If not, how many months behind would that make you? 3 months is usually the magic number most banks wait to start the foreclosure process.

The good news is that if you are in Lake Worth, Florida, we are the #3 foreclosure state in the U.S and it will take MONTHS before anything happens to you.... the bad news is that it will affect your credit and your stress level.

I know of some investors who will buy the property from you if that would help. You won't make any money, and it will be a short sale,, but it seems as if that is the situation you are faced with anyway.

If you lived in the house, there would be many other options to consider, but you don't. Email back the answers to the questions above, or if you'd prefer to email me direct or call me, I'd be happy to help you out. I don't work in Lake Worth, but I know excellent people who do and can provide you with some options.
Web Reference:  http://www.HomeOrlando.com
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