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Old 01-05-2001, 08:02 PM
wemisshi
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My husband and I have a rental property in N.C., we currently live in GA. Our tenant is failing to make rent, causing us to fall behind in the mortgage. (I have recently been diagnosed with an illness and will not be able to return to work, causing some financial stress. - nothing I can get disability for) Our question is, should we allow the mortgage company to foreclose on the property or file bankruptcy? Which will hurt us more, which might help us more? Also, we do have a new automobile that we would like to be able to keep. We are not behind on any debts, other than the mortgage. We are not unable to make payments on other debts, just curious to know if bankruptcy might be a "better" solution. Please advise.

Helen
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Old 01-06-2001, 07:20 AM
buddy2bear
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Why not see if you can refinance it with the bank first, kick the old tenant out, and either re-rent it or sell it?
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