- Joined
- Aug 23, 2011
- Messages
- 42
Hi,
I have a rental property and I had to reduce rents because of the recession. Tenants have just abandoned the property and left some damage and a lot of mess.
I can't carry this mortgage with the rents it makes. Its no longer cashflow positive.
With the current sales market, mortgage penalties and mess/damages, I would maybe break even if I sold. And it would take months. I am thinking about turning over the property to the bank and walking away.
What happens if I do that? Does anyone know a financial specialist who can help me navigate this process.
thanks,
Neil
I have a rental property and I had to reduce rents because of the recession. Tenants have just abandoned the property and left some damage and a lot of mess.
I can't carry this mortgage with the rents it makes. Its no longer cashflow positive.
With the current sales market, mortgage penalties and mess/damages, I would maybe break even if I sold. And it would take months. I am thinking about turning over the property to the bank and walking away.
What happens if I do that? Does anyone know a financial specialist who can help me navigate this process.
thanks,
Neil