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Posted by Jim V on October 25, 2006 at 18:07:22:
In Reply to: Investment Properties In Trouble posted by Nikki on October 23, 2006 at 10:38:33:
Nikki,
People are often reluctant to give advice on a message board when you've already spoken with a local attorney. Local counsel will often provide more specific help than can be done on a message board when we have limited facts.
From what I read, you have a condo that you live in and would like to keep, three properties that may, or may not be somewhat up to date, and one multi-unit that is in foreclosure.
For your condo, if the condo is in your name, I'd consider putting it into a trust with someone you trust as the trustee, and you would be the beneficiary. Get the payments current, and keep them current on that property because you have to live somewhere.
If you are fairly sure the multi in foreclosure has no equity, put an ad in the paper with "Must Sell" as part of the ad. Price the property where the cash flow will be close to covering the payment and be sure to include in any purchase agreement that the sale is subject to lender approval. If that property is causing the ongoing financial distress, you need to get rid of it while protecting other assets.
Can't say anything about the other three properties, you didn't provide any information to go on.
That's all just opinion, but I'm guessing your attorney said something similar.
: I have a property that is going into foreclosure. I recieved the summons and now I have no clue as what to do. The building has no equity to my knowledge. I am gonna try and get an appraisal. The rents don't cover the mortgage and everyone is always late. I don't want to save it I just want out. The building is not in bad conidtion so a short sale may not be easy. I met with a attorney from some company, but I'm not sure they are out for my best interest and they are charging me before anything is even done. Does anyone have any advice for me. I'm scared as hell I have a condo I live in and three other properties. I had some financial problems and fell behind in evrything. My condo is the only thing half way paid on time. I need a honest foreclosure attorney or council that can reall advise me. I just want out and I don't wanna lose my home and everything else. Please help! What do I do?
