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Will I lose my house after my 6 investment properties are foreclosed on. How can I keep my home.I’m self empld?
By Tom | June 19, 2008
Staci K asked:
I own a small construction company. Work has been slow. My credit cards are maxed out and I am about to not be able to pay the 7 mortgages I have. (4 houses have been unrented on and off). I want to at least keep my primary residence for my kids. I have a small pension fund. I need to keep that and use it for food and basic expenses. What is the best plan of action?
Thank you.
Jackie
Topics: investment properties | 3 Comments »
June 22nd, 2008 at 9:54 am
Depending on your pension fund, it may be safe. But really depends.
As to keeping your house it will depend on how much equity (or perceived) equity you have in it. Each state has its own limits on the assets you can keep.
Sorry you are in this situation. Normally I would say you need to go and find a second, or third, job, but I don’t think it could be enough.
Go and talk to an attorney, maybe if you attack this problem BEFORE you end up in foreclosure, you have a shot.
Good luck and know that you are not the only small businessman that is on the edge–we have been for 5 years.
June 25th, 2008 at 12:23 am
try selling your rentals as fast as you can if you can. Then work on keeping the home you live in try bidding lower on some jobs to keep the cash coming in as well
June 27th, 2008 at 12:46 pm
From what you say I think the mortgage companies will foreclose on everything.
They cannot actually take your own house and put you out on the street (only because of your children, not you) but you will still owe them all the arrears. They are not written off if you can’t pay them, the debt is still there accumulating interest.
You must get proper legal advice (I know you can’t afford it) as you are in a very grey area and are fighting very forceful lawyers in the mortgage companies.