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rental property problems

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maddog Guest	Posted: Fri Nov 06, 2009 10:56 am    Post subject: rental property problems My husband and I bought 2 rental properties in Detroit and we may have to foreclose on one as we can't keep reliable renters in it. The house is estimated to be worth about half of what we paid for it and we can't keep covering the mortgage payment. What recourse can the the lender have against us if we do so? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
eric1 Community Experts Joined: 04 Jan 2009 Posts: 1172 175.80 Dollars($)	Posted: Fri Nov 06, 2009 11:11 am    Post subject: Like you said, they will probably foreclose. A few questions... 1. How much did you pay? 2. What are the taxes? 3. How much is the rent? 4. What is the property worth now? _________________ Eric - http://www.DreamHomeFinancing.com Free Rate Quotes, Stated Income Loans Mortgage News and Trends Follow My Blog

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