Legal Question in Real Estate Law in Texas

I have a rental property, that I currently pay two mortgages on. The rent that I receive is not enough to cover the mortgage, I am stuck each month coming up with $250.00. I can no longer afford to do this. I have tried to sell the house but the house is not valued at what I currently owe. How can I get out of this situation?


Asked on 1/20/10, 7:55 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

This is one of the reasons there are so many foreclosures. Many borrowers are simply walking away from their properties when they can no longer afford them. Your best bet is to sell the property and pay off the loans if you can. If the sale proceecds is not sufficient to cover the debt, many lenders will consider taking less. This is called a short sale. Find a broker who knows how to handle short sales. Often the lenders will pay the closing costs and commissions. Best of luck.

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Answered on 1/26/10, 2:51 am


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