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rental property

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indraniewilson1 Joined: 21 Sep 2010 Posts: 1 1.34 Dollars($)	Posted: Tue Sep 21, 2010 10:15 am    Post subject: rental property Like 0 Dislike 0 I am a single woman who owns 2 condos one in Las Vegas and one in CA whhere I live and work. The one in LV is a rental property. I recently installed new carpet flooring and dryer. the property is vacant and I am not able to rent even though it is being advertised. I am not able to pay the mortgage and I am thinking of foreclosure. I presently worked but with 2 mortgages and HOAs I am having difficlty do so. I have paid 2 mortgages for the past 3 months. How can I protect my other assets, (401K bank a/c's brokerage a/c and IRA) if I go into foreclosure? thank you
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Wed Sep 22, 2010 3:00 am    Post subject: Like 0 Dislike 0 Hi indraniewilson, The lender will not come after your retirement income though he forecloses the property. In my opinion, it would be better if you could contact the lender and apply for a deed in lieu of foreclosure. If the lender agrees to your request, you won't be liable for paying the balance dues resulting from the property sale. Thus, the lender won't come after any of your other properties. Thanks, Jerry

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