Posted on: 12th Feb, 2010 10:04 am
I own a rental property and the value is up side down.
I am thinking of giving up on this house but don't quite know how to proceed.
Do I just walk away from it and tell the lenders to take the house back or would it be better to go thru a bankruptcy or foreclosure process.
I don't want to end up where I still have to pay taxes after wards.
Thank you for any advice.
Charles Diemont
I am thinking of giving up on this house but don't quite know how to proceed.
Do I just walk away from it and tell the lenders to take the house back or would it be better to go thru a bankruptcy or foreclosure process.
I don't want to end up where I still have to pay taxes after wards.
Thank you for any advice.
Charles Diemont
Hi Charles,
If you are facing hardship in paying off the loan, then you should contact your lender and apply for a deed in lieu of foreclosure. This will help you in selling off your property and you won't be responsible for the deficient amount resulting from the sale of the property.
If you are facing hardship in paying off the loan, then you should contact your lender and apply for a deed in lieu of foreclosure. This will help you in selling off your property and you won't be responsible for the deficient amount resulting from the sale of the property.