How do I give back investment property with two mortgages?
I have an investment property that my renters are paying me very slow. I have personal financial problems and I am already 3 months down on both mortgages. I would like to give the deed back in lieu of foreclosure, however I’m discovering that Bank of America will not accept if a second (Greentree) is still on property. The house is up for sale and my renters have until November to get out (the lease is up). It has been a true loss and I just don’t want the house anymore and the headaches that has come with it. I need some direction as to any companies out there to review my legal documents to find loop holes to the mortgage contracts that I signed up back 3 years ago. This was purchase money which I did an ARM subprime loan at 100% financing with two loans. Isn’t there someone who could address a loop hole to get me out of this mess?