Posted on: 31st Dec, 2009 12:08 pm
Hi ...Im in a really tuff spot . Me and My wife own 2 small apartment complexs one is 20 units and 1 is 17 ....we had the loan on the 20 unit called and when its forclosed we will owe about 500,000 .... The other property is negitive equity wise as Is our home . we also have built up over 100k in credit card debt paying for everything and I have recently lost My Job . It seems to me that the right thing to do is to try and repay anything that I can but that could be almost 0 .....any thoughts ??? thanks
hi poohpig,
you can try applying for a deed in lieu of foreclosure in order to sell off the apartment complexes. write a hardship letter to your lender and inform him about your financial situation. the lender will judge your situation and then let you know whether or not he will accept your request. if the lender does not accept your request, then you can think of filing bankruptcy. however, before going for bankruptcy, it would be better to contact an attorney.
thanks
you can try applying for a deed in lieu of foreclosure in order to sell off the apartment complexes. write a hardship letter to your lender and inform him about your financial situation. the lender will judge your situation and then let you know whether or not he will accept your request. if the lender does not accept your request, then you can think of filing bankruptcy. however, before going for bankruptcy, it would be better to contact an attorney.
thanks