Foreclosure University Forum


Foreclosure with Tenents

by foreclosureuniversity ⌂ @, Wednesday, May 11, 2005, 13:40 (5121 days ago) @ sharper4

� I've recently lost my job (2nd time in 3 years) and its making it hard to
� keep my house. I had to move from Indiana (where house is located) for a
� job, but couldn't sell it (too much owed for what worth). I have tenents
� in the house, but I still lose money every month. Its come to the point
� that I can't afford it and I simply want to let it go.
� I've attempted several times to reach my mortgage company's hardship
� department via fax (their only method of communicating with them) and they
� have not called me back.
� What happens if they foreclose on the house while I have tenents in there>
� I don't want that house at all, but its much better than going through BK.
� Your input is appreciated.

The tenants will be able to live there throughout the whole foreclosure process. Then after foreclosure, either the bank or the new owners from the auction will kick them out.

Don't give up on this property. There are several things you can do to get "some" money instead of "no" money. No matter what happens, your credit has already been hit once you get the notice. The worst thing you can do now is just let it go to foreclosure. You might want to read our Short Sale Ebook, it will give you some new hope.

Good Luck

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  • Foreclosure with Tenents - sharper4, 2005-05-11, 09:38 [*]
    • Foreclosure with Tenents - foreclosureuniversity, 2005-05-11, 13:40

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