what can be done {now } ?

Question

I have three other mortgages other than my primary home residence , as I was trying to become a realestate investor.

I have fallen very far behind on all of the other ones, due to lack of recieving payment from renters, I was able to make a payment arrangement with the lenders, but find that the repayment payments are so high that I am finding it difficult to keep up with them also, can't seem to get the property rented in such a short time.

my so called co-investors hav bailed out and are not contributing, although their credit is also at risk.

I have a realtor trying to sell , however ,no luck there so far.

My immediate issue is that the first repayment was due two days ago, and I did not have the money, although I have already made the iniatial $9000 down payment. it is a commercial property. can a realestate attorney help me ?


I have had many {I'll look into it promises }, but nothing seems to work out. can I get the lender to give me more time ??

Answer 1

That's the risk or becoming a landlord. You have gotten in over your head. Try to make some type of payment on the loans, even if it's not the full amount. This will show the bank you're at least trying. Then sell the properties as fast as you can, even if you have to take a loss.

Answer 2

Only the lender can answer that for you. Each lender has their own way in which they do business. My guess is that they don't want the property back, especially if there is little equity. Real estate is down right now. I would call the lender and talk candidly with them, let them know you want to pay, but are unable to do so and explain the reason. You don't want to make a promise to pay you cannot live with. If you make a promise to pay you could find yourself in more trouble. Have you tried to refinance to get the payments down to a more manageable level? What about a graduating payment where you start with a smaller payment and then it grows a little every year or two up to a certain level? Sometimes you need to be creative. Real estate attorneys mostly get involved in doing title work, such as title seach.

Answer 3

Real estate investing is very dangerous when you finance because of the exact reason you cited. People don't always pay their rent. You can negotiate with lending institutions. If you and your investors have above average credit, they will work with you. If the loan is initiated, standard there is a few day grace period. If you are beyond the grace period, you need to contact them and work with your lender. Lenders can make deferred payment agreements. Your partners are weak for bailing out. Your institution should work with you