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Icon Mini Profile darrell89us





Joined: 04 Dec 2008

Posts: 1

1.35 Dollars($)
Post Posted: Thu Dec 04, 2008 7:23 pm    Post subject: Mortgage Payment
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I have investment properties in South Carolina and Pennsylvania. I'm trying to sell them all but its been very difficult. I'm behind in mortgage payments. The rental income is not enough to cover the mortgage payment. What do I need to do?

Darrell
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10042
Location: Alaska
921.30 Dollars($)
Post Posted: Thu Dec 04, 2008 9:39 pm    Post subject:
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Hi darrell!

Welcome to forums!

You should speak to your lender and check out the options of short sale or a deed in lieu foreclosure. Both the processes of short sale and deed in lieu are similar. You will have to deed back the property to the lender and he will give you a mortgage release certificate. Then the lender will try to sell the property in the market. There are chances that the property will be sold at a deficient amount. In case of a deed in lieu, the lender will forgive the deficient amount but in case of a short sale, you will have have to pay the deficient amount.

To know more about short sale and deed in lieu foreclosure, check out the following links:
Avoid Foreclosure with a Deed-in-lieu
Short Sale Affects Credit Score - how many points do you lose?

Feel free to ask if you have further queries.

Sussane
darrell

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Post Posted: Sat Dec 06, 2008 6:50 am    Post subject: info
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Thanks for the reply the property is up for a short sale we had some offers but nothing pan out. I will inquire about Deed-in-lieu.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10258
Location: ALASKA
1044.81 Dollars($)
Post Posted: Mon Dec 08, 2008 12:08 am    Post subject:
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Welcome darrell,

Deed in lieu is a process wherein you will have to give away the property to the lender who will offer you a mortgage release certificate. The lender will then sell the property in the market to recover debts. If there's a deficient amount, the lender will forgive it but you will have to pay taxes on that forgiven amount.

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Icon Mini Profile dilipgagare





Joined: 26 Mar 2009

Posts: 58

0.01 Dollars($)
Post Posted: Fri May 08, 2009 7:57 am    Post subject:
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Hi,
Its a problem that rental is lower than mortage payment.You can co
consult to any lender and take advoice from him . And try short sale or Deed in lieu.

Regards
Dilip
Icon Mini Profile gmakerley
gmakerley
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Joined: 09 Nov 2007

Posts: 12371
Location: bloomfield, ct
57.76 Dollars($)
Post Posted: Fri May 08, 2009 8:00 am    Post subject:
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dilip...please, please, please pay attention to the age of the post to which you are replying. are you just trying to make a buck?
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