if i were to default on one of my property, can they put a lean on my
other properties or take money out of my pay check like IRS???
what happed was, i bought a property in texas, a high end condo for
$250K,
and now the realtor is saying that he cannot rent it out and unit it
old and etc.
what do you think are my options??
Yes they could, but that isn't what the bank will do. The bank will put your property into foreclosure, take your property and sell it to make their money back. You want to avoid this at all costs. A foreclosure will make it very hard to buy another home, car, whatever.
Now lets talk about your options. Don't rely on your realtor to rent the place out. Find a property management co. in your local area. Make sure you find a company that doesn't ask for $ up front. If the condo is a high end unit, they shouldn’t have no problem renting it out. Or better yet, if the it's financially practical , move out of your current residence and move into that condo. Ask the property manager what you should do. They can steer you in the right direction
you need to supply a few more details, but in addition ot the previous post, consider renting it for under market. Don’t mess around with some realtor who might be able to rent it; get some one like a property management company and then list for 20% under market. Sure you might be cash neagtive, but it will buy you time to sort things out. Collecting some rent is better than nothing.
You do not want to go into foreclosure. It will close you many (tens) of thousands in the long run. Renting under market probably will cost you a few hundred dollars per month.
you could also owner finance it with a wrap or other terms, lease/option, lease/purchase it, or rent it, etc.
Do anything in order to avoid foreclosure.
Why did you buy it in the first place without an exit strategy?
KEC