This is confusing for me, sorry if it is confusing for you. My head is so screwed up right now that I can barely think.
A friend of mine convinced me to invest in some properties that he would manage. By taking out a HELOC out on my home, I bought 7 single family homes. I left it too my friend to arrange everything. That was part of the deal. I came up with the money, he did all the work. Well, he arrange a private second mortgage for one of the homes. Obvously, everything ended up in disaster. The home is now bank-owned but I the holder of the 2nd is going after me aggresively. (Now here comes the hard part.) I had a total of 7 homes. Some will be short-sold and others have been taken by the bank. I have one lender trying like crazy to help me keep one house. But, I am not sure if my health can take the process. I have a $200,000 HELOC on my house which I somehow cover every month. I can make all my bills every month that are related to my own private life. Anything that is associated with my rental properties, I don't pay. I even have some money left over at the end of some months to put towards the expenses of more expensive months. We gross about $10.5K a month, net about $8K. Which, before this whole mess, I thought was a fine living. Now we have this holder of the PMI freezing our checking account with $2,000 in it. We owe this person $25,000. I could borrow $15K from my brother and hope this guy accepts. Or, I could set up a payment plan. I think I could afford $200/month. But, with all the money I owe to the Home Owners Associations, 1st and 2nd Mortgages, and utilities companies associated with the investment properties, am I just prolonging the inevitable? Is it time for me to file?
Yes, I have gone to see 2 attorneys. Of course, they tell me to file.
I also have consulted with 2 real estate attorneys who say that once a house if foreclosed up in Florida that they have never seen a bank chase anybody down. Or, for that matter, a HOA.
I am so confused. And thanks for reading all of this.
A friend of mine convinced me to invest in some properties that he would manage. By taking out a HELOC out on my home, I bought 7 single family homes. I left it too my friend to arrange everything. That was part of the deal. I came up with the money, he did all the work. Well, he arrange a private second mortgage for one of the homes. Obvously, everything ended up in disaster. The home is now bank-owned but I the holder of the 2nd is going after me aggresively. (Now here comes the hard part.) I had a total of 7 homes. Some will be short-sold and others have been taken by the bank. I have one lender trying like crazy to help me keep one house. But, I am not sure if my health can take the process. I have a $200,000 HELOC on my house which I somehow cover every month. I can make all my bills every month that are related to my own private life. Anything that is associated with my rental properties, I don't pay. I even have some money left over at the end of some months to put towards the expenses of more expensive months. We gross about $10.5K a month, net about $8K. Which, before this whole mess, I thought was a fine living. Now we have this holder of the PMI freezing our checking account with $2,000 in it. We owe this person $25,000. I could borrow $15K from my brother and hope this guy accepts. Or, I could set up a payment plan. I think I could afford $200/month. But, with all the money I owe to the Home Owners Associations, 1st and 2nd Mortgages, and utilities companies associated with the investment properties, am I just prolonging the inevitable? Is it time for me to file?
Yes, I have gone to see 2 attorneys. Of course, they tell me to file.
I also have consulted with 2 real estate attorneys who say that once a house if foreclosed up in Florida that they have never seen a bank chase anybody down. Or, for that matter, a HOA.
I am so confused. And thanks for reading all of this.
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