Investment Property in Jeopardy

Posted by May on October 19, 2006 at 19:31:20:

I have two properties in California and I now live in Georgia due to a job transfer. The two homes in California are both now empty as of Oct. 1st. One tenent moved to Indiana and the other wasn't paying rent and had to move out. I have no more cash to make the payments on these homes. There is no equity and I really don't know what to do. I don't want to take out anymore loans to make the payments. I could try to rent them, but the rents would not cover the mortgages.

I do have three properties in Georgia now and I am breaking even.

My questions are:
1. Is California a deficency law state? (how can I find out the rules)
2. Is there anything that I can do to save my credit?
3. If I keep my Georgia properties paid on time and my credit cards paid on time, how much will 2 foreclosures hurt my credit? and for how long.

Thanks in advance.
May

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