Re: investment problems
Posted by Investor on February 24, 2008 at 14:34:20:
In Reply to: investment problems
Posted by ajiowa on February 21, 2008 at 22:10:07:
you can do something called a "deed in Lieu of foreclosure". This is where you deep the properties back to the bank. Hopefull the properties have equity in them. As far as the bank coming after you for money, it depends....if you took the time to refinance these properties, you can be held liable for repaying a certain percentage of the monies back to the lender. If you have not refinanced and pulled money out, then many lenders will just foreclosure and do nothing. Another problem exists with your tenants though. If you are collecting rents have not told your tenants the properties are foreclosing, you could be subjects to penalties and a possible lawsuit. Here in the California area, there are many Investors who are not tellng their tenants that their rental properties are in foreclosure. Many of these investors are still collecting rents on these properties, thus exposing themselves to future problems.
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