I own a second house. I rent it. I have tried to sell it. I lost the renter & lost my job. What do I do?

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I own a second house. I rent it. I have tried to sell it. I lost the renter & lost my job. What do I do?

second home is in Ohio, I live in Mi. Bought because I took a job, then they closed the plant. Cant sell it for what I have in it, I cant rent it, the economy is so bad. Now what?

Asked on June 8, 2009 under Real Estate Law, Michigan

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If you do not have the money to pay the mortgage, your credit os going to be adversly affected and the bank is going to prepare to foreclose.  I suggest that you try to rent the house again for an amount that pays the mortgage each month.  If you cannot do that, then rent it out for whatever you can get and stop paying the mortgage and let the bank take it from you or try to do a short sale.  A short sale is where the bank agrees to take less than what is owed on the mortgage and you can sell it to a another person for whatever the market value is.  this will affect your credit, but your credit will already be affected by the default of the mortgage payments.  You should hire a real estate agent to help you with the short sale.


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