Hello. I bought investment property in FL and as that economy has collapsed, so has our possible rent income. The house is a construction-to-perm in 2005 and it is just now completing (about to close escrow now for the modification to perm). At the time of sale the average rent was about $350 higher than now. We were already going to be at a small monthly loss but now that is much bigger. And due to other financial circumstances, I will not be able to keep this house long without really hurting myself financially, depleting what's left of my savings, selling the home I currently live in, etc. I'm considering different options now including a deed-in-lieu or a short sale? Are there other options out there? Is there anything I can do that won't ruin my credit? A realtor suggested a short sale but if I went that route is it better to have a lawyer negotiate that to help protect credit? Hope this makes sense.

Typically, attorneys do not actively participate in the marketing and selling of real property like real estate licensees. However, if you want to seek competent legal advice to determine the approach that will best suite your best interests, I’d advise you to do so promptly. This will help your real estate professional to provide superior service on your behalf.

Hope this helps and best of luck!

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[B]J. Christin Gray
Land Use Planning and Real Estate Developments
JC Gray & Associates
Portland, OR