Posted on: 29th Jun, 2010 12:31 pm
I have a property that will go into foreclosure in two months and have two other properties that are bleeding money but I am paying on time. Should I let both properties go into foreclosure along with the other one and start fresh or should I try to pay the others off and keep scraping
Welcome sgcoach,
If you can afford to keep the other two properties and make the payments on time, then you shouldn't let them go into foreclosure. If you let the properties go into foreclosure, you would be liable for paying the deficient balance resulting from the sale of the properties. You need to contact the lender and apply for a loan modification regarding the two properties which are bleeding money from you. If you meet the required criteria of the lender, then you would be able to save them and get an affordable payment plan to pay off the dues.
If you can afford to keep the other two properties and make the payments on time, then you shouldn't let them go into foreclosure. If you let the properties go into foreclosure, you would be liable for paying the deficient balance resulting from the sale of the properties. You need to contact the lender and apply for a loan modification regarding the two properties which are bleeding money from you. If you meet the required criteria of the lender, then you would be able to save them and get an affordable payment plan to pay off the dues.