Long time lurker, advice needed!
I have two properties which I bought out of foreclosure.
Normally, the tenants have paid their rent on time, however, there have been problems with the last few months:
First, we had a costly eviction process that dragged on four-five months. I'm not kidding.
We had vandalism to the property.
We had mold damage to the property.
We had tenants skip town on us.
All three of these things have happened within the last three months and my reserves are tapped.
This Friday I will owe for August (which was due on the 1st) and September.
We are scrambling to shore up some cash, but my business partner and I are tapped as far as credit goes. I'm not sure how we'll be able to pay this.
My questions is: Has anyone here dealt with Countrywide or Indymac and worked something out? I am thinking I will need to call them this week and work something out, possibly postponing this payment or doing something else to buy us some more time to get things turned around.
Does anyone have some intelligent, practical advice for someone in my position?
Thank you!