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Just let the property go?

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Guest	Posted: Thu Feb 25, 2010 7:56 pm    Post subject: Just let the property go? Like 0 Dislike 0 I have several rental properties in Florida and Arizona. After months of trying to do loan mods I realized I can't do it any more. No one will help me and I have gone through all of my savings. Should I even bother calling the bank back? I stopped paying the mortgages three months ago and I'm starting to get letters threatening foreclosure. What should I do? I don't want the properties, so why bother even calling them back? No matter what they are going to ruin my credit...
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Fri Feb 26, 2010 3:11 am    Post subject: Like 0 Dislike 0 As your mortgages are 3 months in default, the lender can now start the foreclosure process. This will have a negative effect on your credit. You can apply for deed in lieu of foreclosure with your lender and check out if he is ready to accept it. If the lender accepts your request, then you won't be responsible for the balance amount. However, your score would get reduced by 250 points and it will stay in your credit report for 7 years.

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