Posted: Sun Nov 09, 2008 8:04 pm Post subject: Investmetn properties
I posted this before but feel the need to revise it. I have 14 investment properties and many of them are upside down with what the rent is and mortgage payment. They values alos have declined on many to not allow for a sale to get rid of this problem.
any suggestions and or ideas?
You are in a tough spot. Depending on the location, and how long it would take you to break even...your best option is to raise the rents and hang in there, if you can.
I agree with Kim. It will be better if you can rent those properties. This will help you in paying off the mortgage. I feel this is the best option that you have right now.
Thanks.
rent Guest
Posted: Fri Nov 14, 2008 10:42 pm Post subject:
i am renting tehm but it can not cover the mortages enough
I think you should speak to the lender and check if you can go for the option of deed-in-lieu foreclosure. This will help you to ease the debt to some extent. But it will be the discretion of the lender whether he will accept it or not.
kpatrick
