Feed: Foreclosure consequences on my rental property in Michigan? - AggScore: 9.9

Foreclosure consequences on my rental property in Michigan?

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div stylefloatleft padding 12pxa hrefwpcontentuploads201011homelendersrefinance76.jpgimg srcwpcontentuploads201011homelendersrefinance76.jpg title alt adivdivemstrongDeuceCatstrong asked embrbrbrI moved to Oregon 3 years ago. My home in Michigan never sold. The rent income has been below my mortgage the entire 3 years. I can no longer afford the mortgage and my renter is moving out in 1 month. I am considering letting the bank foreclose on the house since I cant refinance and cant afford to pay someone to manage the property for me. I have a 8020 split loan thru Countrywide now B of AI know that the lenders can come after you and there are tax consequences but...the house is valued at 63,000 and I owe 63,000 on it. Any idea how much I may be penalized or responsible for if they foreclose This is SO stressfull. Any help is appreciated.brbra hrefRonaldadiv

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