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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 Like 0 Dislike 0 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 Expert Joined: 04 Jan 2009 Posts: 1511 226.89 Dollars($)	Posted: Fri Nov 06, 2009 11:11 am    Post subject: Like 0 Dislike 0 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 JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote

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