Posted on: 29th Sep, 2007 03:35 pm
I own 3 condotels, a townhouse, and my home. My home and townhouse are doing fine. The condotels are sinking me. If I foreclose on 1 or 2 of the condotels, how long would it take for me to re-build my credit rating? If I'm not planning to buy anything big, such as another house, for at least 3-5 years, is it better to just foreclose on the condotels and start paying myself rather than the lenders? I can pay the mortgage, although every month I am just squeaking by.
Well i disagree wiith above poster on one thing and that is talking to your lenders doesnt do much. They will just tell you to payup. But he is right in stating that your credit will be left in shambles and you are unlikely to buy a new home for 7 years. I guess the underlying question is what is the reason for this situation in the first place? What has changed?
