Foreclosure on a rental property? Selling back to bank an option?
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I would assume you are in the USA, "so" I dont know what your laws are etc.
Being from AUSTRALIA, I can only try to suggest idea`s, our laws I assume, are pretty much the same.
Here, the real estate market, keeps getting hit with rate rises, making it hard for sellers and buyers alike, "plus", inflation, cpi rises, and the list goes on.
Have you thought about, using your property as a renal investment?
Hope everything works out for you, and I can only wish you, all the best.
You can talk to the bank, but if they don't take it willingly and you foreclose on the mortgage, your credit will take a giant hit.
Here are your options inthe proper order:
1. Rent it out
2.Sell it
3. Short sale it
4. deed in lieu of foreclosure
5. foreclosure
If you're in Southern California, I can help you out. I deal with foreclosures on a daily basis and help people who are stuck with property that is sinking them financially (and insome cases, emotionally as well!).
Regards
Hello,
My name is Maria and I help families everyday who are in this kind of situations.There are other options available.You really need to be careful when you give the house back to bank. They will bill you later with a deficiency judgment.You can contact me at innovativeinvest@sbcglobal.net if you need some help.
Good luck..
Maria
Were you one of those poeple who drove up the market thinking it will only go up? Rental property or investment I bet you got screwed big time, This web site showes how it was done , good luck take the hit and just be glad it was the banks money and not your.
http://www.breakingbubble.com/index.htm...
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