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Replies (5)
- wetdawgs
- Contributions:26693
Do you have other assets?
- jayap
- Contributions:10
by "asset" you mean money, stocks, bonds, gold, car with equity, home with equity, right? uhhh, no
- sunnyview
- Contributions:25115
I am sorry that you are in this situation, but you can't keep living with this kind of stress. If you haven't tried contacting your lender for help, I would do that first. You may be able to get some advice about your options through the government sponsored helpline here. If a loan modification is a no go because it is considered investment property, then maybe the bank would consider a short sale. Short sale or deed in lieu can be better on your credit and helps the banks get more money back so they are worth looking into.
You need to get legal advice now. I am not a lawyer fan, but you need to get up to date on the laws in your area about deficiency judgements and foreclosure so that you can make the best choice possible and protect yourself even if you decide to walk away down the line. Consultations are not expensive and they can save you a lot. You need to look at all your options. Don't walk away out of frustration, make a considered choice about how to get out of this and move forward.
You need to get legal advice now. I am not a lawyer fan, but you need to get up to date on the laws in your area about deficiency judgements and foreclosure so that you can make the best choice possible and protect yourself even if you decide to walk away down the line. Consultations are not expensive and they can save you a lot. You need to look at all your options. Don't walk away out of frustration, make a considered choice about how to get out of this and move forward.
- Dawn Olander, "Dawn Olander"
- Contributions:3
Totally and Completely agree with Sunnyviews advice above.
- jayap
- Contributions:10
yeah, that's what I concluded as well, am going to set up a consultation this week. Thanks!
2 rental properties , slow pay renters, expensive repairs ..should I just put them into foreclosure?
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