I invested in a couple of properties, to which I am getting over my head. I have made all the payments and I am current with the bank, but now I am not in the position to make the payments anymore. Should I just let the bank foreclose on these properties? Never been in this position before and was looking for advise from anyone that may be able to help. Thank you.
Dear REI 101,
Sorry about the trouble your in. I am sure that it must be very disconcerting. However, you should be able to stay out of forclosure. There are many investors who are searching for people just like you. It seems to be a win-win situation for investors and people in the pre-forclosure stage. You get to stay out of foreclosure, the investor gets a property at a discount. If you don’t mind losing the equity you have built in the property an investor can either buy you out or assume your mortgages.
Either way you should absolutely be able to stay out of foreclosure. I would post this message on the Foreclosure/Short Sale discussion page stating that you want to avoid foreclosure…depending on where you are in the country, you should have people knocking down your door.
Thank you. I appreciate your sentiments. Hopefully it will work out. Yes I am trying to avoid foreclosure. HELP!
Is there any equity in the property at all? God, I hate to see you buy your properties and start and then have to get rid of them.
Where do you live?
Can you refinance the properties?
Are these rental properties
I am sure there are many on the board who can help you get our of your problem with all the investors on the board.
Thank you for the reply, the properties are located in GA just outside of Athens (UGA) on the way to Atlanta. There is a good amount of equity in the properties. They could be used as rentals or just sold. There is definetly upside, I just do not have the resources to hold on to them.
Are you interested in selling them and getting a portion of the equity out or are you trying to hold onto them?
I am interested in selling them and I am willing to leave the equity in the deal to give a buyer more upside.
I am living in the Athens, Ga. area. Please give me a call at 706-351-1045, My name is kuwsh with Kuwsh Real Estate Investment Group.
Thank You and Good Luck!
Yes these opportunities are still available. Perfect for an investor that wants equity, and does not want to deal with the foreclosure process.