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Individual homeowners aren't the only people who are in need of underwater mortgage help these days. Many landlords, whether they own multiple properties or just a single rental home, are also struggling with underwater mortgages. If you're underwater on your rental property and are looking for underwater mortgage resources, here's an important list of facts you need to know.

1. You may not be protected by anti-deficiency laws. Whether or not you are currently living in a property as your primary residence can affect if you are covered by any anti-deficiency laws in your state. If you aren't protected by an anti-deficiency statute, your lender may be able to pursue you to obtain the different between what you owed them and what they received if they sold the property at auction.

2. You may not be covered by the Debt Relief Act. Under the terms of the Debt Relief Act, homeowners who have their mortgage debt forgiven by their lender don't have to include that forgiven debt in their taxable income. However, the Debt Relief Act does not apply to debt forgiven on a rental property. As a result, you may be required to pay taxes on any debt that was cancelled by your lender.

3. If you currently have tenants, you may have trouble selling the property. If you can't obtain a home loan modification selling the property in a short sale may be your next option. However, it may be more difficult for you to find a buyer if there are tenants living in the home. Depending on your situation, it may be advantageous to have the tenants vacate the property before you try to sell it.

4. If you converted the property into a rental, you'll need to pay extra attention to your tax basis. Your tax basis is used to determine your capital gains on the property. In terms of taxes, your basis is determined based on either the cost of the property or the property's fair market value, whichever is lower. If you converted the property to a rental after it was already underwater, there's a good chance that you'll have less basis, which could make it more difficult to mitigate the tax consequences of any debt cancelled by your mortgage lender.

Being a landlord of an underwater rental property certainly isn't fun. But there are underwater mortgage resources out there that can help you make a decision about what to do. For example, Homeowner 101 offers the Underwater Homeowners Assessment and Action Plan. We'll work with underwater landlords to help them analyze all their options and come to a solution that works for them.