What is the name of your state (only U.S. law)? Florida
I currently own a rental property in Florida (moved to NC for work, I currently rent). The rental market in Florida (Orlando) has gotten so bad that I am losing several hundred per month trying to stay afloat with the mortgage. I currently have a tenant, but when their lease ends I will not be able to afford even one month of vacancy due to my recent cut in wages at work. The house is currently underwater, and has been for the last 2.5 years. There are 2 mortgages on the property, so a short-sale may not be that easy. The principal lender is currently trying to modify the loan, but I believe any modification is just a bandage job on the inevitable. What would be the best route to take (foreclose, attempt a short-sale)? TIA
I currently own a rental property in Florida (moved to NC for work, I currently rent). The rental market in Florida (Orlando) has gotten so bad that I am losing several hundred per month trying to stay afloat with the mortgage. I currently have a tenant, but when their lease ends I will not be able to afford even one month of vacancy due to my recent cut in wages at work. The house is currently underwater, and has been for the last 2.5 years. There are 2 mortgages on the property, so a short-sale may not be that easy. The principal lender is currently trying to modify the loan, but I believe any modification is just a bandage job on the inevitable. What would be the best route to take (foreclose, attempt a short-sale)? TIA