Facing foreclosure

woods7_m · Joined: 03 Dec 2007 Posts: 1 1.00 Dollars($)

Purchased five duplexes in Macon, three are rented out two cant rent need new rofs and furnaces. Took extra cash invested in a 408,000 resale in downtown ATL. Have not been able to sell six months. Will be sold on courthouse steps second week of January. Just a hard working guy listening to someone and ended up in this situation. Can I split up the duplexes and let two of them go away? Just needs help.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi woods7_m,

Do you have any late payments? Now if you cannot pay for the two duplexes, better to sell them and pay them out.

Thanks,
Larry

0.10 Dollars($)

I think if you canot afford, let your lender first about your propblem. check out the options that you can afford.

Guest 0.10 Dollars($)

My problem is we currently own 2 house one is our primary which has two loans and one is rental. At the same time we also are having a new house being built and will be ready in feb. 08. We are trying to sell the primary but no one is buying. We wanted to know what our options will be if the primary does not sell and we are living in the new house. We are unable to afford two mortgages. Please help.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Guyana,

Your query has already been replied here http://www.mortgagefit.com/problems/selling-primaryhome.html
Have a look at it.

jasonredding · Posted: Tue Dec 04, 2007 3:39 pm Post subject:

Woods welcome your situation is a touch confusing?

Are you saying you have a blanket loan and all 5 properties are being forclosed on and will be sold?

what is a 408,000 resale in downtown atl have to do with these 5 properties?

Do you have seperate mortagges on those five or just one blanket?

If you could please elaborate on the situation I do alot of investment properties and commercial deals and may be able to find a solutiom that will suite you but the only thing I can understand is you need help, you are a hard working guy who got bad advise. please be more specific if it is easier to explain in person then here on the forum please feel free to contact me directly.

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