Can I Do a Short Sale on My Costa Mesa Home if it’s Rented?
Are you having trouble making your mortgage payment on a Costa Mesa rental home?Β Are you upside down, and afraid you can’t sell it? Have you seen your rental income and/or your other income drop significantly and can’t make up the shortfall any longer?
Well, amidst all of the difficulty, there is good news!Β You can do a short sale on a Costa Mesa home even if it’s rented.Β The fact that it is a rental property will not disqualify you from doing a short sale.
It can be slightlyΒ more difficult if your tenant is uncooperative, and the bank may not offer as many programs for what they call a non-owner occupied property, but it is definitely possible, and you will want a broker knowledgeable in short sales to help you through the pitfalls. If the tenant is uncooperative, I have suggestions for that too.
I have helped my clients go get out from under the burden by selling short sale homes with both cooperative and uncooperative tenants, and I would be happy to sit down and talk to you about whether or not a short sale might be the best option for your Costa Mesa rental property.
Please call me at 714-319-9751 for a free, no obligation consultation about your options.