All Forum Posts by: Alex Lee

Thanks for the input! 

Hi all-hoping for some help on this one. We have a SFH rented to a young recently married couple for the past 7mo. They have always paid on time. The wife has a great credit score (700+) and always makes on time payments. The husband has an ok score (600-650). All my communication has been with the wide. Recently she has informed me they are getting a divorce and she wants to leave while the husband wants to stays. There are 5 more months left on the lease.

In speaking with her, it sounds like they are not on good terms at all.  He’s wanting her to still split the rent payments with her, and he will stay while she moves out.  She told me she just wants to move on, so is ok with giving me her Half of the rent for the remainder of the lease and she’ll simply move out.

So what are my options here?  I genuinely feel bad for the woman - doesn’t seem fair to take half her rent while the man stays and she leaves.  But she says she’s ok with it.  Based on the man’s monthly income, he should be able to make the payments as he makes 3x the full rent.

My thought is to create a new lease for just the man, for the remainder of the 5mo, and in it, state I have already received half the rent and he is responsible for half the rent each month.

Thanks in advance for the input! 

Sorry I probably didn’t explain it well.  The property is now in my dads estate.  If we sell it out of the estate, we bring in 90k.  90k has to go to the bank.  Then we owe an additional 13k in back taxes.  So does it make more sense for us to just let the house go, as in we make no payments to any party, and let it go in a tax sale?

Or is there an option where we can discuss a lower payoff amount with the bank?  Wouldn’t it be in the banks best interest to work work us before it gets to the point if a tax sale?

Hi all!  I’ve got a duplex that we grew up in located in New York.  We lived in one unit and rented the other.  It was owned by my dad, but he passed away a few years ago, we rented the whole thing out.

We have since moved out of state and hired a property manager.  However, the property has been going down hill.  When the property did rent out, it was able to bring in $2300 (gross).  But over the last year, management has not been able to rent it out, and the condition is poor.  It’s sitting vacant and we’ve not been able to pay the taxes or mortgage.

We now owe $13k in taxes and there is $90k owed to the banks. 

My question: what options do we have at this point?  

We are leaning towards just letting it go in the tax sale.  We’ve talked to realtors who think it will sell for about $90k, so we’d still owe more than what it’s worth.  

Is there any possibility to negotiate the payoff with the bank?

Thanks in advance for suggestions!