Landlord Question and Answer Forum

Been stuck in this jam and need advice on how to move forward. I own 2 rental properties. One is vacant, the other has a squatter taknig care of the house. The mortgage loans have been written off. The vacant house mortgage was taken up by a collection agency, although I haven't heard from them in over 6 months, they placed a lien on the property. This one is costing me in repairs and maintenance ie broken window, stolen downspouts, graffiti, etc. The other house loan was charged off too, the loan status states principal balance adjustment, paid in full 2011. No lien was ever placed on it when Roundpoint obtained the bad loan, and no lien or collection currently. Tax certificate sale pending on both houses in July. What are my best options? Is the one free and clear now? Pull equity money and fix up the worst one and rent on section 8 again? Bankruptcy? Let me know what you think.

ooo thats a tough situation. you may want to talk to a real estate attorney before investing further money.

Posted by karen s, WI on Wednesday, May 30, 2012