foreclosure rental property

[mintz]

We own rental property in another state. Some months we get rent and others we don't, so we had to pay it out of our savings. Now that our savings is at 0 dollars we have not made our Jan or Feb payment. I received a letter from the bank and I am ignoring it.

What is the process that a foreclosure takes? This is NOT my primary residence. We will more than likely file for a chapter 7 ion about 6 months to a year

Do I need an attorney for this or will it all just follow in a process? Do I just ignore all the letters from the bank?

[justbreathe]

If you are planning to file chapter 7 don't worry about it. Due to the fact this is not your primary residence it would be difficuclt to modify the loan. I too have rental properties in FL,GA, and NJ it took about a year and a half to foreclose they are so many that the court is backed up. You could also do a deed in leui and that would stop the phone calla and get the lenders pf your back, your basically surrendering the deed to the property, I was allowed to do this in FL but not in GA& NJ. I also drained my saving account paying for the rentals, I shouldv'e stopped paying them in 2007 lesson learned, good luck you will find support on this forum.

[mintz]

Thanks Justbreathe. I live in Texas and my property is in Ar. The sad thing is I have $10,000 in equity but the bank claims that my property dropped 50% in pricing meaning I have ZERO$$$ of equity.