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Well, I need some advice on this. I have a rental property, which is a practically brand new home. It was finished built in 2008 in Port St. Lucie, FL. Here's my dilemma, as with many people facing the same, my renters cannot afford the mortgage, but can only afford less, which I cannot afford to make the payments on the mortgage difference that the renters can't afford. I have my property mortgage to pay too, and I do not live in FL. I'm considering selling the house, and I am 2 months behind on payments now. I think I have to sell, because this is stressing me out. How do I have to go about asking the bank about short selling. My house mortgage is more than the value of the property.
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As someone else mentioned, you could try to get a new paying tenant for the property if you can make up the missing months.If you cannot, you might try doing a "Loan Modification" on this property, but do find an independent company to represent you in doing this. Do not go directly to your lender. Remember that the lender is not representing you.This company can also help you Short Sale the property if the bank will not accept a Loan Mod.Just keep in mind that a SS stays on your credit for a few years, so if you want to avoid that, the best bet is to find a more reliable tenant
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