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I have a total of 6 rental properties, 3 of which were purchased…

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I have a total of...
I have a total of 6 rental properties, 3 of which were purchased in 2007 as lease to own. The company that got me into these investments is long gone. The properties are worth way less than what I owe and my loans are interest only at very high rates. My tenants are having financial problems and will never be able to purchase these properties or pay the rents to cover the cost and are ready to walk out. I am not able to make the payments with the rent money and am putting about $2000 of my money to make the payments. Loan Mod and mortgage companies will not help me as I make good income and do not qualify for any help. what options do I have.
PJ
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 6 minutes by:
6/16/2010
Real Estate Lawyer: David L, Lawyer replied 8 years ago
David L
David L, Lawyer
Category: Real Estate Law
Satisfied Customers: 3,255
Experience: Attorney licensed in multiple jurisdictions.
Verified
Hi PJ. Unfortunately, I think your options are fairly limited. You can either keep paying on them and hope things turn around (I don't think that is going to happen anytime soon), or you can stop paying on them and let the bank try and foreclose. If you hire a good foreclosure defense attorney once foreclosure cases are filed, you may be able to hassle the lender enough in litigation to negotiate your way out. In your worst case, if judgments are won against you in the foreclosure actions, you could file for bankruptcy and discharge all the debt.
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Customer reply replied 8 years ago
That is no help, that will totally ruin my credit and they will come after my other assets. I need real answers and options. I can stop paying and that will mess up my credit or keep bleeding. There must be something else I can do.
Real Estate Lawyer: David L, Lawyer replied 8 years ago

I am giving you the reality of the way things are. You have to choose between bleeding and ruining your credit for a period of time. I deal with these issues on a daily basis. There is no magic solution. I'm truly sorry that I can't give you better news, but I'm telling it to you the way it is.

 

If you'd like, I'm more than happy to "opt out" of this question and you can get some other opinions.

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Customer reply replied 8 years ago
Relist: I already know the obvious options available, I want to know any other alternatives which I know are out there..
I already know the obvious options available, I want to know any other alternatives which I know are out there.
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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