Ohio Forclosure Help...
I am desperately seeking advice...I own two properties, a rental property and my primary residence. I only have one mortgage, which is on my primary residence. Unfortunately, both of my properties are facing foreclosure, due to personal circumstances that were out of my control. I have endlessly searched and searched for months trying to find a solution, just to end up with nothing. With both properties I have about $70,000 in equity, and I would hate to loose the equity due to foreclosure. An easy quick fix would be to sell my rental (which values at approximately $30,000), and use the proceeds to reinstate my mortgage on my primary residence. Although, I have had it for sale for awhile now, and there are no offers yet, and now I am running out of time. Initially I tried to take an equity loan out on my rental (Because that was always an easy way for me to get quick cash that basically pays for itself). But the problem is that I cant find anyone who will do equity lines on second or investment properties anymore. I looked at possibly a "first" mortgage on my rental, however once again its not owner-occupied, and I could not find any bank/mortgage company that would do a loan for less than $50,000 (I am only seeking $15,000-$20,000). I even looked into trying to refinance my primary residence, and no luck due to my current mortgage being behind on payments. I am at a loss...I am just trying to save my primary residence, and am having no luck trying to find a solution. What makes it even worse is that I have been in real estate investing for about 20 years now....just on a small scale, on the side as a sole proprietor, with a rental and have flipped a home, which made a substantial profit. And actually just before all of this came crashing down my sibling and I decided to take real estate investing to a new level, and decided to become registered as a LLC real estate investing company (obviously now at a stand still), which I have even considered the company trying to purchase one of the properties. Its hard to believe just one year ago, I was sitting financially well, and now, I guess you can say the enemy (devil) has attacked me in every way, shape, and form to a point that it just seems so surreal. It just goes to say, appreciate what you have, because it can all be gone in a heartbeat. If anyone can give me any type of direction or advice on a possible solution to this nightmare I am in, I would greatly appreciate it. Thank You For Your Help.