Foreclose on rental property

[daytimer69@hotm]

We have rental property and have had bad tenants in and out for a couple of years. The home was empty for 3 months and we had to pay the mortgage out of our savings. We had it filled and then one home is empty. My husband has been charging items on credit cards and I cannot afford to keep paying on the rental property mortgage.

Do you incorporate the foreclosure n a chapter 7 or how does that work?

[relief13035]

We included (2) rental properties in our Chapter 7. Just surrendering them both! Like you, I was sick of chasing down the rent. My renters are casino workers and that industry is being hit hard like everyone else. They were having trouble paying the rent, but I, of course, still had to pay the mortgage and HOA fees. This was the beginning of my credit demise. I finally filed and told my renters to stay there as long as they could rent-free until the bank kicks them out. The last mortgage payment I made on both of them was on 9/1.

[daytimer69@hotm]

how long did it take until the bank kicked them out? What is the process? I have one tenant that pays a little at a time and sometimes a month behind, I have repairs to do on the homes (plumbing, roofing) and cannot seem to get a good contractor. I live in New Mexico and the property is on Arkansas.

[Scooter10]

you will end up surrendering the house in the ch7. Although you are surrendering the property the lender will have to go through the formal forclosure process on the home

[daytimer69@hotm]

How long does it take for the formal process to take place and what if I get a tenant in the home and they start paying me rent. Do I not accept it? Do I tell them to just live there for free?

[Scooter10]

how long did it take until the bank kicked them out? What is the process? I have one tenant that pays a little at a time and sometimes a month behind, I have repairs to do on the homes (plumbing, roofing) and cannot seem to get a good contractor. I live in New Mexico and the property is on Arkansas.

if you are going to file BK. Quite spending money on the home and include the tenants in your filing. They will have several months until they are kicked out.

[relief13035]

The tenants are still in the properties. We haven't made a payment in 3 months and haven't heard a word from the lenders since we filed. From everything I hear, they could probably live there for 6 months to a year. They are great people, just hit with hard times just like us. I told them to just not pay and save up their money. We had the same problems with needed repairs and we live in CA and the properties are in Las Vegas. The whole idea of buying investment property was "supposed" to be a good thing. Instead it turned out to be a big headache and I just want my fresh start without constantly wondering "will they pay their rent this month"?

[daytimer69@hotm]

what do you mean include the tenants?

[relief13035]

I just included the property mortgages and the HOA. The tenants names were never mentioned.

[Scooter10]

what do you mean include the tenants?

I included the tenents in the bk filing. I did not want them to come after me for the security deposit after I filled bk.

[daytimer69@hotm]

Do you know what the process is for the foreclosure?

1. you stop making payments to bank
2. they mail you a nasty letter
3.
4.
etc..... how long does the process take and what do I do during the process

[trying_to_fix]

I'm in the process of surrendering a rental home in my BK as well. In fact a year of having an empty home is what caused me to get into this situation to begin with.

I told the renters to vacate after their lease was up. But I also told them that if they don't it's not my responsibility if they get kicked out. Haven't heard from them so I don't know what happened. The home is out of state so I guess I'll just let the process take care of itself.

[daytimer69@hotm]

I am going to try and continue to make the mortgage payments as long as I can but I am not sure how much longer.... It is really draining me mentally and $$$$

If I foreclose and later down the road I find I cannot afford to make my other payments, can you include the foreclosure in a Chapter 7 or 13?

[FU2MI]

I have 2 rental properties that are 60 days behind. When they hit 90 days I will notify the renters (which are on a month to month agreement) to vacate. This will give them 30-60 days to leave while the house is put up for sale and is finally returned to the bank.

Quit wasting money making the payments. Take care of yourself.

[tessdavis]

deficiency balance

Is a deficiency balance after foreclosure dischargable in Nevada?