What is the easiest way to get out from my rental property


Posted by AndN on May 18, 2008 at 09:44:45:

We purchased a rental property 3 years ago and have the original two mortgages on it for a total of $175k(1st 80% for $145k and 2nd 20% at $30k).

All the payments have been made in full and on time and we are not in any type of forclosure. However, we are accumulating more and more personal debt each month to keep up on the payments and I am ready to call it quits.

We have credit scores in the 790 range and I realize it will take a hit but I think it will go back up since we will continue to pay our personal mortgage on the house we live in and all our other bills on time (maybe i'm wrong about that).

I would like to know what is the likelyhood of getting out from under this rental with just a hit to our credit and without having any other money out of pocket (ie: garnishments, attachments to our current home or 401k). Are the mortgage companies likely to come after us for the difference.

Also, we have had it on the market for 2 months and no one has even looked at it.

This is real drain on my physical and mental health and I am so stressed that I really think I am falling into a depression over it, considering the changes I am seeing in myself. I hate to cop out on this situation, but when is enough, enough?

If I decide to do so, should I deal with the mortgage companies or should I have an attorney handle it. I just want to dump this property but not file bankruptcy, plus I don't think we would qualify for bankruptcy gross income last year for one of us was $72k and self employment income was $25k not including expenses. The rental took a loss last year of about $5k. Thanks for any insight.


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