I need to short sell or do a deed in lieu of foreclosure on a rental condo I own. How does that affect the tenant? (He is a bum not paying rent so I may evict him anayway).
1 Answer from Attorneys
Dear Condo Owner-in-Foreclosure: Retain legal counsel to represent you in preparing the Deed in Lieu of Foreclosure, to be certain you are not later charged with any monetary deficiency or judgment. As to the non-paying (Bum) renter, you can just leave that person to the mercy of the lender, unless you wish to expend funds to evict him/her now.
Sincerely, J. Norman Stark, Cleveland, OH.