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by Anonymous on May 14th, 2007

Anonymous

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We own a house in a different state. It has a second mortgage and renters who don't pay their rent regularly. We don't want the house/headache. What can we do? Can we give it to the bank with a 2nd mortgage? What's the easiest way to get out from this

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Answers. 3 helpful answers below.

  • by Sarita1 Goes Bollywood on May 14th, 2007

    Sarita1 Goes Bollywood

    By giving it to the bank that holds the second mortgage you could be considered in deflault. Which of course means you will have that on your credit rating and its not worth that!

    See if you can sell the house. Now a days you can list on line and don't even have to be in the same state!

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  • by tibear on May 14th, 2007

    tibear

    Sell the house. That gets rid of the whole problem.

    I wouldn't just walk away because it will ruin your credit.

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  • by Anonymoose on May 14th, 2007

    Anonymoose

    Put it up for sale with a Realtor. They have the knowledge, legal info, and contacts to get it sold for you. They take care of all of your advetising and the only time you pay them anything is if the house sells.

    **if you can afford to not have renters in it while it is on the market I would get rid of them. I work for a real estate company and renters are very difficult to work with in terms of being able to get a hold of them to show the homes, when you do get a hold of them they give every reason available why you can't show it, and when people do show up some of them can be down right nasty to the agent and prospective client.

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