rental property problems

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maddog

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PostPosted: 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?

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PostPosted: 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?

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