Multiple Investment Properties Being Foreclosed, Advice

Posted by Sarah on June 19, 2007 at 11:16:27:

I currently own four investment/rental properties in Georgia. I have only owned the houses for 8-12 months. I won't go into details, but basically I am two months behind on all mortgages and do not want the houses. The houses have been listed since February with no luck even for a short sale. I am trying to get lenders to do a deed in lieu (I have 4 different lenders, one mortage on each house). One lender specifically said they will not do deed in lieu and want to foreclose. I am a bit scared with that, because that makes me think they want to try to get a deficiency judgement or something. Does anybody know any other reason why they would not do a deed in lieu? Also, does anybody have any advice as far as tax matters for this? From how it is looking, I may be 1099'd for over 100k amongst all the houses. I just graduated from college, and although I have a good paying job, there is no way I can forward to pay taxes on that. Thanks for any of your thoughts on this....

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