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hunterda1 · Joined: 25 Jun 2010 Posts: 1 1.00 Dollars($)

We bought a second home 6 months ago and rented out our primary residence. I am losing my job and our rental doesn't pay the full mortgage. What can we do? Will we lose our primary residence if we let the rental go?
Do we file bankruptcy? Please help

jameshogg · Posted: Sun Jun 27, 2010 9:03 pm Post subject:

Hi hunterda,

If you want to get rid of the rental property, then you can apply for a deed in lieu of foreclosure, rather than filing bankruptcy. This will help you in selling off the property and you won't be liable for the deficient balance even. Thus, the lender won't come after your primary residence in order to recover the dues.

Thanks

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2 homes, can only afford 1