Posted on: 15th Jan, 2009 01:58 pm
I am currently in the process of a rental property going into foreclosure. I currently live in another home and do not want to lose my home. The person renting the house could no longer keep up with the payments and moved out. I have been unable to find anyone who is willing to rent it out or buy it. The rent is behind several months. What should I do? Would it be best to go into foreclosure or file bankruptcy? The renter was suppose to buy the rental property within the year...that is why I went ahead and purchased another house. Now, I'm left with both homes. I am not eligible for in lieu of foreclosure or short sale because the rental property was on an FHA loan. I need help!