Rental Property

So we decided to buy a new house, because the neigborhood was going bad and plus we needed a bigger house.  So we rented our first house, the renters and finding new renters is getting to much for us to deal with and ready to just be done being landlords.

But my question is this, can I just walk away from this problem.  This house is upside down probably 60,000 and i have heard you can't short sale a house thats not your primary residence.  I'm affraid that if i give the house back to the bank they will sell it for what they can get and i will get the difference to pay.

Has anyone had to deal with this before?  Do I need to call bank of america and talk with someone at the 1-800 i don't care number?

 

Any suggestions would be great.

Thanks

Greg

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Permalink Reply by Jimena Paridee on August 24, 2012 at 9:04am

Hi Greg,

Yes you can do a short sale on a rental property.  You should get a Realtor that is experienced in short sales to help you get the process started, if you let us know where you are, there might be an agent on this board that can help you.  Also because it is a rental property you have to check with your CPA to see if there is any tax liability on the amount the bank has to forgive.

 

Permalink Reply by Greg C on August 24, 2012 at 10:09am

I guess you would need a little more detail.  We live in Michigan, the house we own and rent was our first house financed with Bank of America, when we got our second mortgage and bought our second house, i never contacted bank of America to tell them i was doing this, so currently they have no idea we have moved.  We are financially fine but we can not afford both of the houses together without renters.  And currently about 20 days late with our BoA loan.

So i guess i need to do some homework, talk with some realtors that know the short sale game, also talk with an accountant and go from there.

Permalink Reply by Wayne Brooks on August 24, 2012 at 10:20am
Yes to all of above. Also, if you bought your new house within the last year, you can't do HAFA on the rental.

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