Posted on: 05th Mar, 2008 05:33 pm
should i allow 1-2 properties to go into foreclosure? they are rentals but the costs are higher than the rent. 1 property has negative equity.
hi jim,
i don't think you should let your properties foreclose so easily. have you talked to the lenders in this regard? try selling off the properties and paying off the debts. but if the market isn't good and you are not likely to make good money out of the sale, then i think you should file chapter 13 bankruptcy and try to repay the debt, i mean at least a part of it. but first you need to qualify for it. in case you qualify for chapter 13, you can repay a part of the debt and the rest will be canceled.
know more about chapter 13 bankruptcy from a previous discussion.
hope this helps...
god bless you.
samantha
i don't think you should let your properties foreclose so easily. have you talked to the lenders in this regard? try selling off the properties and paying off the debts. but if the market isn't good and you are not likely to make good money out of the sale, then i think you should file chapter 13 bankruptcy and try to repay the debt, i mean at least a part of it. but first you need to qualify for it. in case you qualify for chapter 13, you can repay a part of the debt and the rest will be canceled.
know more about chapter 13 bankruptcy from a previous discussion.
hope this helps...
god bless you.
samantha
Question is why did you get 4 properties if you cant afford them?
And what good is a rental property if it doesnt pay for itself?
As to your question should you let them go into foreclosure? Probably not if you have other choices but chances are you dont.
And what good is a rental property if it doesnt pay for itself?
As to your question should you let them go into foreclosure? Probably not if you have other choices but chances are you dont.
Larry & Samantha - Thanks. I will talk to the lenders. Do i need to file chapter 13 on each property or just once?
Eugene - because i am an idiot!!!
Eugene - because i am an idiot!!!
i live in palm springs ca
Hi jim,
Welcome back.
Have you consulted with your lender yet? If you have consulted, have not you fined nay option to avoid foreclosure other than chapter 13?
I think you should try to sell those properties and pay off the lender.
Even if you want to file chapter 13 then you will have to qualify for it. BTW I think if you file chapter 13 for just once that will be ok. you need not to file chapter 13 on each property separately.
Best of luck,
Larry
Welcome back.
Have you consulted with your lender yet? If you have consulted, have not you fined nay option to avoid foreclosure other than chapter 13?
I think you should try to sell those properties and pay off the lender.
Even if you want to file chapter 13 then you will have to qualify for it. BTW I think if you file chapter 13 for just once that will be ok. you need not to file chapter 13 on each property separately.
Best of luck,
Larry
Hi Jim,
If you qualify for bankruptcy chapter 13, it is only once that you need to file and it will cover all the mortgages. The court will appoint a trustee who will chalk out a repayment plan for you as per your affordability. The trustee will see to it that you repay a certain percentage of the debts and the rest will be discharged.
There may be some negative effect on your credit report but not much because you are at least trying to pay off your debts through a repayment plan and this is something positive.
However, you need to check first whether you qualify for chapter 13 .
Regards,
Jessica
If you qualify for bankruptcy chapter 13, it is only once that you need to file and it will cover all the mortgages. The court will appoint a trustee who will chalk out a repayment plan for you as per your affordability. The trustee will see to it that you repay a certain percentage of the debts and the rest will be discharged.
There may be some negative effect on your credit report but not much because you are at least trying to pay off your debts through a repayment plan and this is something positive.
However, you need to check first whether you qualify for chapter 13 .
Regards,
Jessica
