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I own 1 main home, 1 business (still carry a business loan). Can I foreclose 2 investment properties?
By Tom | August 27, 2006
HD2008_2008 asked:
without having to sell my business or my main house to pay lenders of the 2 investment properties?
Roland
Topics: investment properties | 4 Comments »
August 29th, 2006 at 7:55 pm
Not sure I follow you.
Foreclosure is something the bank or lender does when you cannot pay them.
The foreclosure is done on the property you are delinquent on. You can sell another property to avert the foreclosure. However you should talk with an attorney who deals with the subject.
September 1st, 2006 at 2:56 pm
Is this investment property in your name, or did you form a corporation to hold it?
If it is in your name and you default on the loans, your credit rating is shot. (p.s. Only a lender can foreclose, you can’t.)
The foreclosed property is required to be sold (usually at the Court House door) to the highest bidder. The lenders will be there to make a ridiculously small offer. If you know someone who wants the properties, alert them to attend the sale and try to protect yourself a little.
The sale price will be applied against the balance owed, and you will personally be responsible to pay the deficit. The lenders can file a lien on your home and business, and any other thing you own, for the deficit owed.
If there is any way you can get someone else to take over these mortgages (no money to you), you will come out way ahead. Give them a quitclaim deed and assignment of mortgage, and walk away happy. If you have people renting the properties now make them a deal, they may be real happy to own them with no money down.
September 2nd, 2006 at 7:04 am
You need to restate your question as it doesn’t make sense.
September 3rd, 2006 at 4:53 pm
Dear it means yours buissness is not profitable and yours expenses are high. Please let me know what kind of buissnes are doing then i will suggest you the right opportunty or buissness to earn money with negligeble amount.