Foreclosure after house is rented(to losers)?
Kind of in a bind at this point, I moved out of a house I had bought several years ago down in south Florida after losing my job. After almost 5-6 months of trying to find something local and no luck in staying in the area I had to move several hours away. I managed to get it rented at the time for a year to someone who said they were looking to buy it. Long story short he didn’t, the property has lost a fortune in value during that time(now valued at 50K below what I paid and several thousand below what it was built for) and has been unoccupied since September. I finally got it rented through a broker to someone I had never met with out the greatest of credit but needed to have someone in there to at least start getting the mortgage back up to speed.
Anyways a processor served papers to her a month later, the payments I had sent to the bank came back as they don’t cover the entire balance…the tenant was calling before this non-stop constantly to fix this and that(I live 4 hours away) and can’t afford to keep this up as I’m pretty sure half of what’s breaking is because the place is already being destroyed. The house has several structural issues dating back to when it was built on top of that and in the long run I don’t think it’ll ever sell.
Point being…what happens to the tenant should it go into foreclosure. I haven’t gotten this, her second months rent yet, and it was 2 weeks late before she was even served., I can’t afford a lawyer at this point to kick her out and deal with the foreclosure on top of it and is it worth doing the loan modification when you know in the end as much as you want to do the right thing it’s going to push you to bankruptcy at the end. Don’t have cable, don’t have a home phone, no fancy cars…nothing to sell or cut back on anymore.