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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 30330
Experience:  Texas Attorney for 29 years dealing in real estate
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We are in a mess with rentals in indiana. I dont wart to file

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We are in a mess with rentals in indiana. I don't wart to file bankruptcy but don't want to see my husband drop dead from all of the stress. He works at a farm 50 to 60 hours a week and thn does everything himself to run 4 duplexes and 2 houses. We are living on the edge all of the time with people not paying raising insurance and tax costs and apartments left in such bad shape that we have to let them set until we get enough money and time to get them ready to rent again. We've try to sell but no luck. At this point we would sell for what we owe even though we've poured 12years of our lives into this but there is very little interest. How do we know when it's time it throw in th towel? We do not heve an Llc or anything. How much do we,stand to lose of our personal property. My husband is 59 and we have had to supplement the rentals a few times from personal accounts. If we need to replace roofs or furnaces we are pretty much done for. I don't want to hold on so long that we don't have enough working years left to save some money for retirement but don't want him to loose that and what we have personally too. Can you help?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

 

RayAnswers :

Thanks for your question and good afternoon.You have my sympathy here for your dilemma and situation.

RayAnswers :

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.

RayAnswers :

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.

RayAnswers :

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.

RayAnswers :

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.

RayAnswers :

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/

RayAnswers :

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.

RayAnswers :

See if you can work with the lenders here and resolve all or some of them and go from there.

RayAnswers :

Here is reference to these options so that you can understand them.

RayAnswers :

Here is short video that might help you understand these.

RayAnswers :

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.

RayAnswers :

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.

RayAnswers41433.9304563657
RayAnswers :

I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.This communication does not establish an attorney client relationship here.Information provided is not legal advice. Rather it is simply general information.

Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 30330
Experience: Texas Attorney for 29 years dealing in real estate
Ray and 6 other Real Estate Law Specialists are ready to help you
Expert:  Ray replied 1 year ago.
Here is ABA lawyer referral in case you want to use a lawyer here to deal with lenders and to at least go over bankruptcy as an option.

http://apps.americanbar.org/legalservices/lris/directory/main.cfm?id=IN

Thanks again ..
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 30330
Experience: Texas Attorney for 29 years dealing in real estate
Ray and 6 other Real Estate Law Specialists are ready to help you

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