Unable to afford mortgage on rental property. What are my options?

Profile picture for preteyes
I have a rental property in Maryland. The escrow changed and the mortgage will be going up $120 a month starting in October. The current tenants lease is not up until May 2012. What are my options? Can I raise her rent? If not and I must short sale, can she push a lawsuit against me if I need to sell the home before her lease is up even if I cannot afford it?
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September 24 2011 - Waldorf
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Profile picture for sunnyview
You cannot raise a tenants rent unilaterally in the middle of a lease period. If you need specific legal advice, I would try the avvo forum here where you can ask an attorney one question for free.
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September 24 2011
Profile picture for Connie Wildasin

Typically with lease it will travel with the sale, even in a short sale... the tenant does have rights...

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September 24 2011
Profile picture for preteyes
Is it usually difficult to find a buyer that will accept that?
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September 24 2011
Profile picture for CallPiero
If you have a current lease in place, then you cannot change the terms of the lease without the tenant's agreement. Of course, once the term expires, you can raise the rent. Should you choose to do a short sale, you should notify the tenant. That said, the tenant's lease will not end if the short sale goes through before it expires. You will offer the property for sale subject to the existing lease. If you need a good agent, please feel free to give me a call.
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September 24 2011
 

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