own 2 properties and may foreclose on one??

I am curious if anyone know how this works, I own 2 properties and can no longer afford one of the properties. I am on time with the house that I live in, but falling behind on the other. what am I up against if I let the other house go to foreclosure? on time on other bebt but one house is killing me financially...thoughts?

Edited: 06/26/2010 at 08:44AM

Nick J.

SFR Investor · Scottsdale, Arizona

2806 posts
27916 Influence
21 Awards

Icon_minipost Jun 25 '09, 12:16 PM

is it not rented out?

Edited: 06/26/2010 at 08:44AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75547 Influence
15 Awards

Icon_minipost Jun 25 '09, 12:22 PM

Do you have other assets and income? Do you have some hardship? I'm seeing banks be unsympathetic to investors who made bad investments. Have you spoken to the lender(s)?

Edited: 06/26/2010 at 08:44AM

Jon Holdman, Flying Phoenix LLC

Chad Roy

2 posts
15 Influence
1 Award

Icon_minipost Jun 28 '09, 10:37 AM

it is not rented out, tough to find with the high mortgage, I was living in this house then bought another one due to some family generosity with some free land

Edited: 06/26/2010 at 08:46AM

Dick Green

Residential Real Estate Broker · Conroe, Texas

1596 posts
1347 Influence
4 Awards

Icon_minipost Jun 29 '09, 07:15 AM

Talk to your lender. Tell them that you want to work out a solution that's good for everyone. Be upfront with them and see what options they recommend. Don't let it just sit. Put it on craigslist. Put a FSBO sign in the yard. Study the properties in the same neighborhood as your property. Make sure you know about every activity that takes place in the neighborhood. Start short sale negotiations with your lender. Ask about modifications. Mis-managed time is hard to redeem.

Edited: 06/26/2010 at 08:47AM

Al Ber

Real Estate Consultant · Mission Viejo, California

17 posts
-267 Influence
1 Award

Icon_minipost Jul 02 '09, 04:22 AM

Originally posted by Chad Roy

I am curious if anyone know how this works, I own 2 properties and can no longer afford one of the properties. I am on time with the house that I live in, but falling behind on the other. what am I up against if I let the other house go to foreclosure? on time on other bebt but one house is killing me financially...thoughts?

Hi Chad, you have to take a objective look on your options. Do you want to keep your house, does it make financial sense to keep it. If you want to keep it look for creative ways to get enough income from it to cover the bills.( rent, rent the whole house or rent rooms in the house and the garage and yard if you can)
You may qualify for a Loan Modification
It all depends on the details of your situation.

Edited: 06/26/2010 at 08:49AM by Al Ber

Steve Jenkins

3 posts
-18 Influence

Icon_minipost Jul 08 '09, 08:54 AM

Hi Chad..........I'm new to this site but not new to foreclosures. My co Kreative Home Buyer Solutions llc specializes in foreclosures. It sounds like you don't want to keep it for financial reasons. If you owe more than its worth probably a short sale is your best solution if your behind on the payments. If the person who does your short sale is savvy enough to do it right you could walk away owing nothing meaning that they would not come after you for the difference of what the short sale was negotiated down to and what they sold it for.
Time is of the essence, powerful laws were set into motion that could result in your house being sold at auction. Your first concern should be to get that problem off your back,
If you have any questions feel to contact me

best wishes & good luck

[link removed]

Edited: 06/26/2010 at 08:54AM by Moderator : links removed, use signature