Real Estate Law
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Thanks for your question and good afternoon.You have my sympathy here for your dilemma and situation.
You may want to contact the lender and ask about options for these properties such a as a short sale or deed in lieu.Both require lender consent.
The lender here would likely want financial information from you--think a loan application in reverse before they agree to a short sale or deed in lieu.
Both of these will ding your credit but they may be better than letting them go to foreclosure.See what options the lenders involved will agree to.
A short sale would be a sale for less than you owe, the lender agrees to accept less and either write it off or take a note from you for the difference.
A deed in lieu here is where lender agrees to take a deed from you and not pursue any deficiency.Again it's better than foreclosure/
Foreclosure in Indiana is a judicial one which means a civil suit is filed and they get a judgment if there is a shortage in the foreclosure sale and what you owe.
See if you can work with the lenders here and resolve all or some of them and go from there.
Here is reference to these options so that you can understand them.
Here is short video that might help you understand these.
And you may want to consider talking to a local lawyer and go over options such as short sale and deed in lieu and as a last result bankruptcy.These are all on the table as a means to simplify your life.
It has been my pleasure to assist you today.Please let me know if you have m roe follow up.Thanks again for letting me help you today.
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