Posted on: 31st May, 2007 01:22 pm
I bought 2 investement properties which I cannot afford now (1 year later) and am looking into possibly foreclosing. As of tomorrow I will be officially 30 days late on all loans.
My question is how do I deal with this, should I hire an attorney to help with the process or do I simply try to deal with the bank myself and try and negotiate a deed in lieu. I do not care if I lose the properties they do have equity on them but at this point I just want out.
Thanks for any advice you can offer
My question is how do I deal with this, should I hire an attorney to help with the process or do I simply try to deal with the bank myself and try and negotiate a deed in lieu. I do not care if I lose the properties they do have equity on them but at this point I just want out.
Thanks for any advice you can offer
hi,
welcome to mortgagefit discussion board.
you can look at selling them as an option before deciding about a deed in lieu. how is the market in your region?
if you do not expect the properties to get sold then will you have to talk with your lender on whether they will agree to accept the properties through deed in lieu of foreclosure.
at this stage you need not hire an attorney and directly talk with the lenders yourself and see what opinion they have.
do let us know what they say.
thanks
blue
welcome to mortgagefit discussion board.
you can look at selling them as an option before deciding about a deed in lieu. how is the market in your region?
if you do not expect the properties to get sold then will you have to talk with your lender on whether they will agree to accept the properties through deed in lieu of foreclosure.
at this stage you need not hire an attorney and directly talk with the lenders yourself and see what opinion they have.
do let us know what they say.
thanks
blue
Will you be able to continue mortgage payments on one of the properties? If so, then you can dil the other one to lender. How much equity these two properties have? You considered refinancing to lower your payments since there is equity in these properties?
Deed in lieu will affect your credit profile, so if it can be possible to avoid it, that will be much better.
LaRose
Deed in lieu will affect your credit profile, so if it can be possible to avoid it, that will be much better.
LaRose
You should look to get these two properties sold instead of talking with the bank about deed in lieu of foreclosure. It will be much better if you can get the properties sold.
Do not take any hurried action. First see what options you have and proceed towards the best available option you have.
Miller
Do not take any hurried action. First see what options you have and proceed towards the best available option you have.
Miller