Just got a foreclosure notice in the mail

[grassisgreen]

Anyone know if I have something to worry about? This is not a property that I live in and I am 6 months late in the payments... I retained an attorney but they are gone for the day and of course this isn't going to make the weekend fun.

I am about 80% finished with the packet of stuff for the attorney and am basically waiting on the 2008 tax return to be finished by my accountant (filed extension and just waiting for head of the firm to review). I do want the debt on the property going into the BK because I am over the median income but with 650K worth of non-income producing property (5 total) each mortgage helps knock that number down.

[music12]

is somebody living in the property? if you have renters, please tell them.

if you have 5 homes, why wouldn't they sell at least some of them to pay your debts?

[JRScott]

Well once you file it will but on hold the foreclosure I think for a short while, but all they'll have to do is request a relief from stay and if you've not paid in 6 months they'll be granted it easily. How long after that it will take can't tell you as it depends on state law.

Most likely you will lose all of the property you do not live in especially if there is any equity for the trustee to pay creditors with. However if you haven't been paying on the other properties for 6 months the trustee may challenge any expense deriving from unpaid bills.

[grassisgreen]

I am planning on letting them all go. Sorry I just posted very quickly and was not specific, I actually have 6 properties including my house I live in, I am current on 3 properties and 6 months late on 3 non-income producing beach lots that are worth pennies on the dollar right now. I have notified the tenants about my plans in writing and plan to give up everything but my primary residence. As for selling them there i just no equity to be had in anything, thus the forced bk.

[JRScott]

I understand I hope you make it through smoothly