What do you do when you have rental p...

What do you do when you have rental property that you can no longer afford to ke

Posted in the Waldorf Forum

linellvlq215

Salt Lake City, UT

#1 Oct 2, 2013
I have a house in a Florida market that is now worth $30,000 less than I owe on the mortgage. I have never refinanced...it's the original loan from 2008 financed by my credit union. I moved to another city, bought a new house and have been renting out the house that I left behind. Now the current tenant has moved out and it appears that I may not get another renter for quite a while. I can't afford my current mortgage AND pay for the mortgage on the rental property. Also, my realtor has told me that I would need at least $30,000 dollars if I sell the house in this market to pay off the mortgage. She also feels that real estate in Florida isn't going to be bouncing back any time soon. My question is this...What happens if I don't pay the mortgage on the rental property and just let it go (foreclosure, bank owned)? I know my credit will be screwed for a number of years, and that does bother me because it's right at 800 now, but I don't believe I have a choice. If I stop making the payments, does the credit union just call and tell me they're taking the house? Should I just call them and tell them that I can't pay the mortgage and let them have it? What are my options here and what would you do? I have always paid my bills but this house is just too much to carry and I can't go out and borrow $30,000 to get rid of the mortgage and be paying monthly payments, though smaller, for something that I don't own and never will just to save my credit. HELP! Thanks :)

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