Foreclosure laws in North Carolina? Anyone know what happens to RENTALS in foreclosure?
We had three rental houses and all three went empty around the same time (back in early summer). We sold one and lost our shirts on it. We had to pay over $ 50,000 to sell it! The other ones stayed empty from August till January. We rented out one of the two, but the third one is still empty and I am two months behind on the mortgage. We have advertised on Craig’s List and have lowered the rent $ 400 from what we usually get. We are now offering the house for UNDER the mortgage payment. We contacted a company that claims to “Buy your Home” but the guy I spoke to initially has failed to return my calls and now I wonder if he even is/was interested at all. Because we are literally living paycheck to paycheck and can barely pay our own mortgage on our primary residence let alone the car payments and other living expenses, it has become difficult to want to keep the empty rental house. We contacted the bank in person and they agreed to defer payments for three months and modify the loan so we have 1.5% less in interest which has lowered our monthly payment. (November 1st was to be the first month to pay the new payment after the deferral period). But without a tenant in there to pay the rent, we can’t pay it out of our own pockets. I think we have exhausted all of our options with the bank. Our cars are almost paid off, so to sell them and get something less expensive would (in my opinion) be a stupid move since we have less than a year to go and those loans are paid off. We have tossed the idea around of dipping into our 401-K to cover our immediate needs, but there is a penalty to pay to do that and we would end up with less to retire on ultimately. I think our only hope is to walk. Honestly our credit is bad now anyway because of late payments on other loans and bills because of this nightmare. We have bill collectors calling everyday from 8:00am till 8:45pm…even on Sunday! Does anyone know what would happen if we just walked away from the house? I know that our credit will take a major hit for many years to come, but it’s already in the hole now, so what do we have to lose? Can the bank come after my primary residence? HELP! I need advice before I take anymore steps into the abyss.