I have a house I bought in 1998. In 2007 I bought another house and rented out the old one.?

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My renter bailed on me and now I am stuck making 2 mortgages without being able to make both payments. I am 1 month behind on both properties. Is a short sale the best on the recent house I bought and just move into the old one. Other factors are the 1998 house has been refinanced twice but the house I bought last year is the original loan. Oh and of course I am upside down about 100k on each property. HELP PLEASE!!!!

3 Comments
  1. Reply
    ClarkWorld
    May 4, 2011 at 3:59 am

    I would say your best bet would be to located a new renter. Lower the rent payment just a bit to make it a bette deal to find someone fast.

    Your renter bailed? Did you have a contract? If so you can sue them for rest of the contract’s length.

  2. Reply
    Carolyn
    May 4, 2011 at 4:25 am

    Ooch, before you talk short sale find out what the properties are worth.

  3. Reply
    Tekla
    May 4, 2011 at 5:17 am

    try putting both of them on the market for rent. take the first best offer and live in the other one. this time make sure you have a lease that the tenant can’t just bail.

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