bought a home and rented out the one we have now..problems

Asked by andrea, California Wed Aug 20, 2008

we bought a home a few months ago and rented out the one we have now ( we still have to make paymetns on it as well as we cannot rent it out for the price of the morage). he problem is that the renter has told us that he "may/may not" be able to give us the full rental payment. this month9 we've already sent the full paymnet on the 15th. 800.00. we have already covered the morgage 1x before and we cannot afford to make both full morgage payments! I'm afraid of both our homes going into forclosure just b/c this guy can't pay 800.00 on time!!! any advise? HELP!!

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Scott Godzyk, Agent, Manchester, NH
Wed Aug 20, 2008
You are in a tough place, in the l;ong run you need to get rid of him and in the short term if you eveict him, you may not get next months rent either. Your best bet is to sell the rental home as your rent should be 1.25 times your mortgage for a rental situation to make sense. If you are not cobvering your mortage and living month to month, you dont need to you have to sell that property. You can call your bank and tell them the propblem you have if they know you rent it out, if not that could be trouble in itself. If you can call them they should be able to offer a loan modification where you could even make payments on the the back or missed payment. Ask for home retention department to do this. As far as the renter you could seek the advise of an attorney what it would cost. Your other option is to send an eviction notice (letter to quit) every time they are late. after three in a calender year you have the right to evict. if they pay only partial mark the receipt as partial payment. get the eviction notice out today, you can go to legal zoom for blank ones.
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Maria Morton, Agent, Kansas City, MO
Wed Aug 20, 2008
Consider hiring a property manager. Yes, you will have to pay for the service, but they would have taken care of this problem for you. They do the credit check, collect the rent, deposit it in your account, assess late fees and other charges, and have all the legal documents in place ready to go for tenants who default on the agreement.
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