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advantageappraisals · Joined: 11 Nov 2009 Posts: 7 3.12 Dollars($)

I have an investment property that I owe more on than it is worth but it is worth more than I bought it for. So basically I refinanced and took money out over the years. Now I know that a short sale or deed in lue of payment I would be responsible for capital gain taxes. Which would be a very high amount of money that I do not have. Every month I have to dip into my savings to keep the payments up to date since the rent alone does not cover all expenses. I feel like my only option is foreclosure since the property would need some renovations in order to raise the rent or even just to replace some of the ware and tare items over the years.
My wife is not on the loan since I purchased this before I got married, so if I understand your other answers to similar questions her credit would not be affected only mine. If I do a foreclosure can the bank or whoever, be able to put a lien on my primary residence for the unpaid balance or can they come after my savings if I have any?

Also if I do decide to foreclose can I use the income from the rent to recoup the costs I had to put into the property monthly, and for missed payments or management fees while the foreclosure process is taking place? So basically once I stop making my mortgage payment can I still collect rent or do I still have to put what ever rent is left over towards the mortgage even if it is less than what is required monthly?

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