Not planning on making any more payments

[mintz]

We own a rental property and do not have a tenant in the home and have not for the past two months. We are 17 days past due and my lender sent me an email asking when we would be making the payment. I do not plan on making anymore payments and plan on filing for a chapter 7 sometime in June or July.


My question is, do I tell her anything? Do I HAVE to respond to her. We tried to get a second mortgage and fix up the properties 3 months ago to get a better client el in their and the lender said our property depreciated 50% due to the economy and would not loan us the monies. We have been paying for the mortgage out of savings and juggling bills.

What do I need to do? What are my legal responsibilities?

Thanks

[AngelinaCatHub]

Greetings Mintz, I left you a PM. I would not say too much but respond kindly in that you do not want them to worry. Lower your rent as many out there are in bk too, and select a renter you may be able to depend on. Yes, this is an oxymoron but what can I say? It is going to become tougher and this may help or hurt you. In any case, if you have made up your mind, what do you have to lose? I wish you well and PM me back. 'Hub

[mintz]

I guess I can just tell them that I have cannot afford to make the payments anymore and see what happens. I was uncertain what the process was. Does the foreclosure automatically go into my chapter 7 down the road? Trust me, this is a small town and they do not want the home either