Re: Multiple Investment Properties Being Foreclosed, Advice
Posted by Henry_CA on June 22, 2007 at 12:43:53:
In Reply to: Multiple Investment Properties Being Foreclosed, Advice posted by Sarah on June 19, 2007 at 11:16:27:
Sound like you’ve made up your mind to walk away from the 4 rentals. You may want to speak with a short pay specialist I your area who is experience in short pays. Several things come to mind, loan deficiency, 1099’s etc. With regard to short sales I prepare a short pay package with information the lender need to consider if they take back the property. The package show them the financial benefits to excepting the short pay amount verse the cost they will experience if they become owner of the property such as vandalism, liability for someone falling down, maintenance, repairs etc. selling cost, etc. For answers on the tax concerns your tax consultant can answer that question. Please feel free to contact me at socalif@email.com if you would like additional comments from me. Good luck.