what should I do with my rental property?

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I had it for over 2 yrs and never been late on my mortgage payments and bills. I have a tenant living there. the area where my rental property is at has drop nearly half of my purchased price. I lost my job this year and still couldn’t find one. What should I do ? foreclose or loan mortification. How to start either one? If foreclose, do I need a lawyer or will the bank freeze my money?
thanks for reading

1 Comment
  1. Reply
    groupcollins
    May 3, 2011 at 3:07 am

    If you have NEVER been late with your mortgage payments CALL YOUR MORTGAGE LENDER and explain your situation. Banks DO NOT WANT to foreclose. They do NOT want your property. They would be very glad that YOU took the first step in contacting them. They have the power to give you additional time time get back on your feet. They can give you a few months break and roll those missed payments back into what you owe with no penalties. You have options at this point. Do not sit and wait for foreclosure proceedings to start. CALL TOMORROW and ask for help. Let me know how it turns out.

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