Posted on: 02nd Nov, 2008 07:58 pm
I have 14 investment properties and 1 primary and 1 second home. As you can imagine 50 % or 7 of my investment homes are upside down and getting tough to make paymetns as rent doesnt not cover it. Without bleeding my own savings and such to try and rescue this situation does anyone know if these go into foreclosure and teh sale does not cover teh balance due can tehy come after my primary and second home?
Any suggestions?
looking for some answers
rl
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Any suggestions?
looking for some answers
rl
_________________
Hi rl!
Welcome to forums!
Yes, if your property goes into foreclosure, and if you are unable to pay off the deficient amount demanded by the lender, then the lender may place liens of your primary and secondary home.
In my opinion, you can try the option of deed-in-lieu foreclosure. There are chances that the lender will forgive the deficient amount in this process. To know more about deed-in-lieu, have a look at this link:
http://www.mortgagefit.com/deed-lieu.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, if your property goes into foreclosure, and if you are unable to pay off the deficient amount demanded by the lender, then the lender may place liens of your primary and secondary home.
In my opinion, you can try the option of deed-in-lieu foreclosure. There are chances that the lender will forgive the deficient amount in this process. To know more about deed-in-lieu, have a look at this link:
http://www.mortgagefit.com/deed-lieu.html
Feel free to ask if you have further queries.
Sussane
Hi rl!
Have you tried for loan modification? You can speak to the loan modification department of your lender and check if they can offer you a loan modification. Here you will get a repayment plan with easier term and conditions.
Thanks,
Jerry
Have you tried for loan modification? You can speak to the loan modification department of your lender and check if they can offer you a loan modification. Here you will get a repayment plan with easier term and conditions.
Thanks,
Jerry