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Mortgage Payment

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darrell89us Joined: 04 Dec 2008 Posts: 1 1.35 Dollars($)	Posted: Thu Dec 04, 2008 7:23 pm    Post subject: Mortgage Payment Like 0 Dislike 0 I have investment properties in South Carolina and Pennsylvania. I'm trying to sell them all but its been very difficult. I'm behind in mortgage payments. The rental income is not enough to cover the mortgage payment. What do I need to do? Darrell
smithsussane Joined: 18 Sep 2008 Posts: 10042 Location: Alaska 921.30 Dollars($)	Posted: Thu Dec 04, 2008 9:39 pm    Post subject: Like 0 Dislike 0 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 Guest	Posted: Sat Dec 06, 2008 6:50 am    Post subject: info Like 0 Dislike 0 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.
adonis Joined: 22 Oct 2005 Posts: 10258 Location: ALASKA 1044.81 Dollars($)	Posted: Mon Dec 08, 2008 12:08 am    Post subject: Like 0 Dislike 0 Welcome darrell, Deed in lieu is a process wherein you will have to give away the property to the lender who will offer you a mortgage release certificate. The lender will then sell the property in the market to recover debts. If there's a deficient amount, the lender will forgive it but you will have to pay taxes on that forgiven amount. _________________ Procrastination is the enemy of your financial success
dilipgagare Joined: 26 Mar 2009 Posts: 58 0.01 Dollars($)	Posted: Fri May 08, 2009 7:57 am    Post subject: Like 0 Dislike 0 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
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12371 Location: bloomfield, ct 57.76 Dollars($)	Posted: Fri May 08, 2009 8:00 am    Post subject: Like 0 Dislike 0 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? _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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