Posted on: 06th Oct, 2009 10:37 am
I have a rental that I cant sell because the market collasped. Basically I would have to come up with 30k at closing. With the tenant Im losing $600 a month on it. It is bleeding me dry
It is at 7% interest, 30 year fixed.
Any ideas on how 1) make this more affordable, or 2) get rid of it with out screwing my credit up?
It is at 7% interest, 30 year fixed.
Any ideas on how 1) make this more affordable, or 2) get rid of it with out screwing my credit up?
Hi Guest,
You can apply for a loan modification with your lender if you are facing financial crisis. The lender would judge your situation and let you know whether or not he would accept your request. While the lender modifies your loan, he would give you a lower interest rate to pay off the loan. Thus, your monthly payments would decrease. However, your loan term would get increased.
If you want to get rid of the property, then you would have to sell off the property either through a deed in lieu of foreclosure or through a short sale. However, in both the cases, your credit would get affected.
You can apply for a loan modification with your lender if you are facing financial crisis. The lender would judge your situation and let you know whether or not he would accept your request. While the lender modifies your loan, he would give you a lower interest rate to pay off the loan. Thus, your monthly payments would decrease. However, your loan term would get increased.
If you want to get rid of the property, then you would have to sell off the property either through a deed in lieu of foreclosure or through a short sale. However, in both the cases, your credit would get affected.
hi
It sounds like a complicated situation. I have rental property and have had very good luck with tenants. Have you tried different rental sites? Also some of the downtown Atlanta Universities have housing posts that you could post your property on and see if you get any results from qualified candidates. If the rental market is not for you then I would have a real estate agent do a comparative market analysis and determine a price range that is realistic. Depending on what you owe and what the house is worth would determine if you are willing to sell the property.
Regards
It sounds like a complicated situation. I have rental property and have had very good luck with tenants. Have you tried different rental sites? Also some of the downtown Atlanta Universities have housing posts that you could post your property on and see if you get any results from qualified candidates. If the rental market is not for you then I would have a real estate agent do a comparative market analysis and determine a price range that is realistic. Depending on what you owe and what the house is worth would determine if you are willing to sell the property.
Regards
I've got a renter not paying and I can't afford both mortgages. I don't want to default on the loan but I can't get her out without spending a lot of money on legal fees and time passing etc. Apparently I have no recourse. Can it be true that the renter has all the power?
Have you called your lender and asked for loanmodification
At the same time, your only option to get the tenant out of the house is to take legal action
At the same time, your only option to get the tenant out of the house is to take legal action
Hi rkbroke!
Welcome to forums!
You must have signed a rental agreement with your tenant mentioning all the required details. The agreement should have clauses which states the steps that you would be able to take if the tenant defaults the payments. You can accordingly take steps against the tenant. As a landlord, you have all the rights to take action against your tenant.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You must have signed a rental agreement with your tenant mentioning all the required details. The agreement should have clauses which states the steps that you would be able to take if the tenant defaults the payments. You can accordingly take steps against the tenant. As a landlord, you have all the rights to take action against your tenant.
Feel free to ask if you've further queries.
Sussane