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I need advise on disposal of rental homes

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schan654 Joined: 03 Jul 2009 Posts: 1 1.33 Dollars($)	Posted: Fri Jul 03, 2009 8:18 am    Post subject: I need advise on disposal of rental homes Like 0 Dislike 0 We have 4 single family rental properties. They have been on the market with no sales. Value is far less then the mortgage. We need to get out of them immediately. They take cash ($500-%1000) every month to meet the mortgages. We are not behind (currently) and never have missed a pmt, but we are close to running out of money to keep them. I want to give them back to the mort companies, but don't know if any of the new tax laws apply to this type property. What can we do to get out of them? Is short sale an option or deed in lieu?
jheard Moderator Joined: 12 Dec 2007 Posts: 734 Location: Houston, TX 116.72 Dollars($)	Posted: Fri Jul 03, 2009 12:50 pm    Post subject: Like 0 Dislike 0 Have you offered them to the tenants on a rent-to-own basis? _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.

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