I have 3 mortgages but I can’t pay all anymore .Can I give 2 to the bank and keep one? < How ?
mortgages
As many retired people in florida we was told to max up investment capabilities , 3 houses rented to pay themselfs -No thrue – We can’t keep up payments from savings .We are to give up .How to prceed with the bank? – Financial concecuences?
Tags: Bank, Mortgages
Can’t you sell two of the houses? Find the book, “How to Sell Your House in 5 Days” and see if you can get rid of them quickly. Look at the library for the book. If you can’t sell them and can’t keep up the payments then you should probably call the bank and tell them up front that you can’t keep making the payments so they might as well start foreclosure proceedings. It might save you both time. The financial consequences is that your credit rating will go way down with each foreclosure. That’s why you would be better off to sell them if you can. You might call your lenders and tell them that you are having trouble making the payments so you are going to sell the properties and ask if you can make interest only payments for a month or two while they are for sale.
Try to sell your houses before you hand them over to the bank.
Handing over your homes to the bank, you’ll get close to Nothing and will give you a Bad rating and will not look good.
if you sell your houses, you’ll make money you put into it and the bank will get there money also.
Just to let you know that there are all kinds of people who want to rip you off.
Just make sure to check out the people who you are dealing with.
Get their – Names, Phone Numbers, License Numbers, Company Name, or any other number(s) that would indicate that they are a Valid Company and or Person(s)
You can also call the State that you live in to see if these people or company’s are Valid.
They are some good people out there but they are just as many Bad People out there to get you.
Please Be Careful in who you are dealing with.
NOTE of concern
Good Luck and wish you all the best…
I just sold four houses for a couple in an identical situation. I suggest you find a reputable Realtor to help you out of this situation. You need a top producing agent that can move these quick at top dollar and that has the skills to negotiate with your banks, if necessary. I have many contacts in Florida and would be glad to make some calls to find a qualified agent, if you need any help. My client wanted no more than to walk away from the properties, but I was able to make them a nice sized profit. We all have a friend or family member that has a real estate license, but you need someone that really knows their stuff. If you have any questions contact me at shawn65r@yahoo.com. Best of luck!
why can’t you just rent the two and live in one
I am so sorry for you. You should sue the person who told you to do that. It was very bad advise. I’ve heard this story a lot recently.
If you can , sell short and come to the closing table with cash to cover the difference between the amount owed on the mortgage and the sales price. Yes, you will lose money, but it is better than foreclosure, especially if your mortgages have provisions that allow the lenders to go after you personally for the differences in the homes’ values and their mortgages’ amount due.
You can also try to give the lenders a “deed in lieu of foreclosure,” which is where you simply deed the lender the property and avoid foreclosure. Most lenders will not accept that, however.
Finally, I know you will hate this option, but many retirees in my community are now doing it, because yours is a common story. If you are retirees, then you have skills. Florida is in the midst of a worker shortage. You can go back to work. I know this is not what you want to do, but it is an option. It beats losing everything.
As well as being a broker in Florida, I know some investors that you may want to speak with. Feel free to contact me through my website http://www.achievablemortgages.com. My numbers are all on the site. If you get one of my Loan Officers when you call in, just tell them you want to speak with Larry, and I’ll refer you to the correct area. If you’ve got any equity, I may be able to help you find a buyer.