Rental Property Foreclosure?

This lady is facing a foreclosure on her rental property.

QUESTION: Venitia received a letter from a mortgage company regarding her rental home that told her the home is already paid for.  She knows she owes $36,000 and that she’s actually behind by eight or nine months.  Are they going to foreclose on her property?  Can she get current on the payments?

ANSWER:They are going to foreclose on that property.  You have a couple different options.

You can contact the mortgage company and find out how much you owe to bring the payments current.  Then you can refinance your personal residence and make up the missed payments.

Your best option is to sell this house and get the foreclosure stopped.

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