How do I deal with an investment mortgage that’s going into collections?
lisamj asked:
Bought an investment property in Detroit and unable to find a stable renter. Lender won’t foreclose or do a deed in lieu of. $69000 owed on mortgage even though house is definitely not worth that now. Lender threatening to send it to collections. House is and has been on the market for months.
Bought an investment property in Detroit and unable to find a stable renter. Lender won’t foreclose or do a deed in lieu of. $69000 owed on mortgage even though house is definitely not worth that now. Lender threatening to send it to collections. House is and has been on the market for months.
Tags: Collections, Foreclose, Renter
April 3rd, 2010 at 4:10 pm
You’re screwed. All you can do is wait and hope that they auction it for a good amount. The only possible other option is to rent out individual rooms each with deposits. If you rent it to someone with a kid, they wont get the kid out for months. Request a trial by jury, they will give a 3 day eviction notice but nobody can legally be removed until it’s gone through civil court.
April 4th, 2010 at 9:01 pm
do a short sell. talk to a bk attorney