| ||||
| All Foreclosure Home Page | Foreclosure Discussion Board | |||
Posted by Gina on November 12, 2006 at 16:22:17:
In Reply to: Investment Properties In Trouble posted by Nikki on October 23, 2006 at 10:38:33:
Nikki;
You do not want to go into foreclosure if you can at all avoid it. It will ruin your credit! Being a multi-property owner I am sure your aware of how important having good credit is. Do any of your other properties have equity in them? Ideally if you can borrow from one of the other porperties so that you can stop the foreclosure, you could then take the time to sell it. If that is not an option. There are companies out their who will give you a "bridge loan" basically a very costly loan. But at least you can stop the foreclosure and save your credit. Have you contacted the banks? Now a days they are more likely to work a deal out with you to help you out. Also some banks will take the deed in leiu of foreclosure. So if you just want out that may be a way to go.
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?
