Need input

**washingtonchad** · 04-02-2009, 09:38 PM

I currently own two single family homes in Phoenix, Arizona. One is my primary residence and the second is a rental property. I am taking an $850 hit every month to cover the mortgage on the rental property. It has become to much to handle. I am considering all options at this point. Does anyone have any constructive suggestions. I have contacted my lender and am essentially getting nowhere with them because of the fact that it is not my primary residence. I have also looked into loan modifications with third parties- they are all seemingly scams

Please help.

**Christine** · 02-01-2010, 05:07 PM

A lot of people are in this position, and worse, right now. The banks and lending institutions aren't interested and are just moving in like a pack of sharks.

I hope you found the best possible solution and it would be interesting to hear it for the sake of others in your area.

Here in Australia we have a similar situation looming. Many young families got into homes with the help of a government grant, and now find they can't pay the mortgage, and the value of the home is smaller. Some people say we're going to see another rise in house prices, but others are talking a lift in mortgage rates, so I can't see an end to this one just now.

Sometimes the best possible solution is to stop the bleeding by dumping the home, consolidate, and start again. It can be worth it just to stop agonising over where the money is going to come from each month.

**martin.schellenberg** · 02-01-2010, 05:17 PM

... exhausted your resources as far as advertising your rental goes? Craigslist (update it every day), newspaper, hanging up flyers in the local hot spots, joining online forums for rental property owners. Have you looked closely to see why nobody wants to rent it? Have you considered to lower the rent and take a hit of $100-200 rather than $850?!?

Where are you at in Phoenix? I just moved from Carefree but might know someone that needs a place close by?!?

**Mama** · 02-01-2010, 05:38 PM

Have you considered renting to government subsidized Section 8 tenants? At least that way you would be guaranteed the governments portion of the rent.

**bpoagent** · 04-11-2010, 06:29 PM

be carefull and check with your tax advisor before you foreclose or sell as a short sale.

**HouseHunt** · 07-24-2010, 07:38 AM

Is the rental vacant or occupied? If it's vacant then do whatever possible to get a tenant in there. If it's occupied and you are still losing $850 a month then you need to call your lender and see what can be done. Would it be possible to swap your primary residence and live in the rental. I would put both homes up for sale and whichever sells first goes.

**pamolawilliams** · 08-02-2010, 11:12 PM

Originally Posted by bpoagent

be carefull and check with your tax advisor before you foreclose or sell as a short sale.

Hello Friends

I am Pamola. I also want to suggest something that he must consult with any financial/tax adviser as you have already said my friend. So A financial adviser can suggest him better option.