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    ebonycovergirl's Avatar
    ebonycovergirl Posts: 1, Reputation: 1
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    #1

    Aug 3, 2008, 03:32 PM
    Foreclosure on rental property
    I have a rental property in St. Louis, MO in the city. I really can not afford to continue making mortgage payments on the property. What will happen to me financially if I just stop paying the mortgage? I know that there will be a foreclosure on my credit report. Will the loan company be able to sue me and garnish my check?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Aug 11, 2008, 11:25 AM
    Since this is commercial property and not residential, it may not come under the protections recently enacted into law. So you could wiond up with a blot on your record as well as owing the difference between what the property sold for and the mortgage balance.

    Have you tried offering it to the tenant? Maybe the mortgage company will allow you to assign the mortgage to them so all they have to do is take over payments.
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