Foreclosure on a rental property?
Question:
Answer:
It depends on the mortgage company and the house's location.
If times are bad where the house is (lots of foreclosures, etc) the bank may be very interested in saving the legal expenses involved in foreclosure and sale.
Talk to them and tell them your situation, you never know what the deal may be.
Good luck to you.
It is better to refinance and get the payments current and keep possession of the property. You would probably still be responsible for the delinquent amount even after you sign it over to the bank. I can help you to get a loan ASAP. Let me know how I can help you.
If you call the bank and offer them a "deed in lieu of foreclosure," they may be willing to take the property back from you.
Because a deed in lieu has to be given voluntarily, the lender won't bring up the subject with you. But you can offer this to them at any time, especially if you are having trouble making the payments and can't sell.
If you're not behind on payments yet, though, they may want you to keep paying on the mortgage and attempting to sell the property. A deed in lieu of foreclosure is usually a last resort to preventing the foreclosure process, so many banks will want to see that you did everything you could to pay the loan in full, either by refinancing or selling.
If you can't get tenants, though, and can't sell the property, then you might want to see what the bank can do for you by offering them a deed in lieu.
Good luck.
ForeclosureFish
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