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thomasbass1 · Joined: 14 Oct 2010 Posts: 3 1.58 Dollars($)

I purchased a second house 4 years ago in Fl for investment purposes. I have had a tenant from day 1. Recently they stopped making payments and I cant afford to make the payment. I am 4-5 months behind and the mortgage company will not take a partial payment. (Bank of America). I want to get out of this house as it is underwater. I owe 145K and cant sell it as there are SO many houses for sale. I paid 180 K HELP!!!

adonis · Posted: Mon Nov 01, 2010 12:52 am Post subject:

Welcome thomasbass,

As you're facing hardship in paying off the mortgage, you should contact your lender and apply for a deed in lieu of foreclosure. This will help you in selling off the house. Moreover, you won't be liable for paying the balance amount resulting from the sale.

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