Legal Question in Real Estate Law in New Hampshire
My company/job was ended by our parent company. I own the house I live in and a rental property. With no work it looks like we are not going to have enough to pay the rental property mortgage. Do I talk to a real estate attorney or a bankruptcy attorney to help with this problem?
1 Answer from Attorneys
I'm very sorry to hear of your situation. You have a number of options to explore. First, continue your efforts to find new employment. Next, notify the bank holding the mortgage on the rental property and see if they would be willing to adjust the monthly payments. Consider listing the property for sale to reduce your financial burden. As to your primary residence, again, talk with the bank and see if they would agree to restrucuring the debt. Whatever steps you take, please be sure to put everything in writing as bank employees often get transferred and the next person you talk with may not have all the notes.
If you see no way to keep either property, then meeting with a bankruptcy attorney may provide some alternative approaches to the problem.
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