Big Foreclosure Problem?

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I own 5 properties. Two of them I am current with and can pay them forever since they cash flow very well. The other 3 I take big monthly hits on and NONE of my 5 properties have equity in them. These properties are spread out among 3 different states.

Right now I'm only 1 month behind on the 3 bad ones but I will be catching up on those loans this month. The problem is I know I can't keep it up.

I will be able to sell 2 of the 3 bad ones at break even, but it will be hard. Unfortunately, I think I'll fall behind on those before I can sell. Then my worse property I owe so much more on it than I could ever sell it for. What can I do?

My fears are:

Being foreclosed on one of these will not only destroy my credit but allow the creditor to come against my other properties. That is true, isn't it?

What can I do to save myself? I really need help bad. I also have lots of credit card debt that I'm starting to have trouble with. I also owe family some money too. I feel in over my head.

Big Foreclosure Problem?

Your best hope is to contact the holders of the respective notes about the possibility of a short sale. This is where the lien holder will basically take a settlement on the payoff. Sometimes they are willing to do it to minimize the money and hassle they have to go through in a foreclosure. Basically if it goes to foreclosure the homes would be sold at auction for far less than they are worth leaving a judgement on you for the balance that the banks know they will have great difficulty collecting. It is sometimes worth the small hit of a short sale to them verses the huge hit they would take in foreclosure. Good luck!

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Big Foreclosure Problem?

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