I have a property that I am unable to take care of. I have no equity in it and it has a tenant in it already. Unreliable tenant. I am not behind on payments. I can’t sell the house because it has a prepayment penalty plus I have had it only for a month. Is it possible to have someone take over the payments or should I do a subject to deal here or be open to one. IF they do take over paymentshow does that work?
Only had it for a month and you’re already in a bind? Where did you go wrong on this one?
Where did you go wrong on this one?"No equity", "unreliable tenant" need I say more?
Axa, to even begin to offer any advice, we need to know what the house is worth, what your payments are, whether you have an ARM and what the terms are on that, how much you’re getting in rent (when you get it), what the rental market is like in your area, and what the resale market is like in your area.
Definitely need more info, but selling subject-2 or contract for deed may be your best option. It will depend on your numbers.