What is the specific effects of foreclosure on investment pr

drdsloss · Joined: 29 Sep 2007 Posts: 1 1.35 Dollars($)

I own 3 condotels, a townhouse, and my home. My home and townhouse are doing fine. The condotels are sinking me. If I foreclose on 1 or 2 of the condotels, how long would it take for me to re-build my credit rating? If I'm not planning to buy anything big, such as another house, for at least 3-5 years, is it better to just foreclose on the condotels and start paying myself rather than the lenders? I can pay the mortgage, although every month I am just squeaking by.

helping_user · Posted: Sun Sep 30, 2007 11:15 pm Post subject:

Hi Drdsloss,

If you foreclose your 1 or 2 condo hotels then definitely it affects your credit rating for 7 years.

I personally suggest you to not to go for foreclosure first. There are lots of ways to avoid foreclosure. So, just have a talk with your lenders and then come to the conclusion.

Thanks

evolovik26 · Posted: Mon Oct 01, 2007 6:18 am Post subject:

Well i disagree wiith above poster on one thing and that is talking to your lenders doesnt do much. They will just tell you to payup. But he is right in stating that your credit will be left in shambles and you are unlikely to buy a new home for 7 years. I guess the underlying question is what is the reason for this situation in the first place? What has changed?

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