Question-investment nightmare

**BoaterGal** · 12-28-2007, 07:05 PM

Hello,
I am new to the forum and need your advice. My husband and I played the real estate game and started doing investments. We did well in the beginning and then the bottom fell out. We now have 3 mortgages...primary home and 2 rental properties. The two rental properties.....St. Pete and Bradenton.....are bringing in income.....but not enough....roughly 70% each. As much as we would like to hold on to these brand new construction condos....we can not afford it. We have exhausted our retirement funds. We have been on time with all our payments. Both lenders will not make a deal.....until we are late on our payments. But then that will ruin our fantastic credit scores. We fear of losing our primary home because we got caught in a bad mortgage that keeps going up in the interest rate. I took equity out of our home to buy these 2 properties.....knowing we were going to flip them. I'll be honest.....I am scared to what will happen in the future for us. We've always had A credit, good paying professional jobs, enough money in the bank, and plenty in retirement.

So I am asking for advice....regarding short sell.....foreclosure procedures....investors who might want to take on this property who can be happy with the income, hold on until the market turns around....then make a wonderful profit. These 2 properties we watched being built from the ground up. They both have beautiful water views. That's why we thought they would go fast. We purposely bought in very good areas where its easy communtes to work, near shopping and airports, easy access to the beach. 3 years ago when we put money down on these.....we had no idea the bottom would fall out like it did.

I appreciate any advice anyone can give us. It has added so much stress to our lives. Please help!

**jasmor81** · 12-28-2007, 11:35 PM

bad credit isnt the end of the world

There are a lot of lenders doing loan modifications right now - I'm seeing it farily often in my area. Especially on 2nd mortgages

You can always try to lease option them or owner finance them to someone

**BoaterGal** · 01-03-2008, 04:04 PM

Thank you Jasmor81 for your suggestions. We currently have a line of credit on our primary home. Our mortgage keeps going up each month. We were not told this originally and there is a prepayment penalty that I specifically asked our mortgage guy about. This mortgage guy has done so many shady mortgages that there is a whole bunch of us in this jam.....including my doctor. We all trusted this guy. How did we overlook this matter???? So I don't know what we can do about our line of credit. We want to refi our primary....but now our property is not worth what it used to be here on the west coast of Florida. Our house sits on water too....which you would think would hold a higher value.

I like your idea of lease/option. Our renters at the St. Pete condo have only been in there 3 months....but it is something to ask them about.

As of today, I got a call from our realtor for the Bradenton coach home. They have someone very interested. So I am praying they will buy. It's beautiful....what's not to like, right?

Any other suggestions are GREATLY appreciated!!!!!!

Thanks!