Comments on: Will I lose my house after my 6 investment properties are foreclosed on. How can I keep my home.I’m self empld? http://realestate.realhow.com/will-i-lose-my-house-after-my-6-investment-properties-are-foreclosed-on-how-can-i-keep-my-homeim-self-empld/ Socially Responsible Real Estate Investing Wed, 03 Dec 2008 13:01:39 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: luludoodie http://realestate.realhow.com/will-i-lose-my-house-after-my-6-investment-properties-are-foreclosed-on-how-can-i-keep-my-homeim-self-empld/comment-page-1/#comment-170 luludoodie Fri, 27 Jun 2008 16:46:48 +0000 http://realestate.realhow.com/will-i-lose-my-house-after-my-6-investment-properties-are-foreclosed-on-how-can-i-keep-my-homeim-self-empld/#comment-170 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. 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.

]]> By: golferwhoworks http://realestate.realhow.com/will-i-lose-my-house-after-my-6-investment-properties-are-foreclosed-on-how-can-i-keep-my-homeim-self-empld/comment-page-1/#comment-169 golferwhoworks Wed, 25 Jun 2008 04:23:48 +0000 http://realestate.realhow.com/will-i-lose-my-house-after-my-6-investment-properties-are-foreclosed-on-how-can-i-keep-my-homeim-self-empld/#comment-169 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 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

]]> By: Gem http://realestate.realhow.com/will-i-lose-my-house-after-my-6-investment-properties-are-foreclosed-on-how-can-i-keep-my-homeim-self-empld/comment-page-1/#comment-168 Gem Sun, 22 Jun 2008 13:54:43 +0000 http://realestate.realhow.com/will-i-lose-my-house-after-my-6-investment-properties-are-foreclosed-on-how-can-i-keep-my-homeim-self-empld/#comment-168 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. 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.

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