One the Verge of Foreclosure

[Sadone]

I have a condo used as a rental in CA and will not be able to make the payments beginning in April. My renter will be leaving and I cannot handle the increased loss. Really cannot handling the current loss.

Some information

I am current on the loans as of now.
Have gone through all funds and have been loseing about 1.5K per month
Credit cards are gettnig our of hand.
Will talk to the lenders about a short sale...don't hold out much hope. If they agree I cannot make the payments during the sale

This is the pits, never thought I would be here.

Any suggestions will be appreciated.

New to the forum

[justbroke]

Don't waste your money trying to keep the rental unit. I've been there and done that. I've socked lots of CC debt trying to keep it. I have filed bankruptcy and I have surrendered the home to the Bank.

What you'll find is, that all that trying to save it... will be for naught anyhow. It's frustrating, but you don't want to go Bankrupt trying to keep it... as I did!

You need to speak to some Bankruptcy attorneys on a consultation basis. You'll need to weigh a short sale versus just bankruptcy (or foreclosure). Short sales almost never work... as I tried it too. I don't think more than 20% of short sales succeed anyhow. I would concentrate on what your end game is, and where you want to be in say 5 years.

[AngelinaCatHub]

Don't waste your money trying to keep the rental unit. I've been there and done that. I've socked lots of CC debt trying to keep it. I have filed bankruptcy and I have surrendered the home to the Bank.

What you'll find is, that all that trying to save it... will be for naught anyhow. It's frustrating, but you don't want to go Bankrupt trying to keep it... as I did!

You need to speak to some Bankruptcy attorneys on a consultation basis. You'll need to weigh a short sale versus just bankruptcy (or foreclosure). Short sales almost never work... as I tried it too. I don't think more than 20% of short sales succeed anyhow. I would concentrate on what your end game is, and where you want to be in say 5 years.

Absolutly right on. This is good information for sadone. Don't throw good money after bad. Stop the CC cards and start working towards your new start. 'Hub

[Mische]

Don't waste your money trying to keep the rental unit. I've been there and done that. I've socked lots of CC debt trying to keep it. I have filed bankruptcy and I have surrendered the home to the Bank.

What you'll find is, that all that trying to save it... will be for naught anyhow. It's frustrating, but you don't want to go Bankrupt trying to keep it... as I did!

You need to speak to some Bankruptcy attorneys on a consultation basis. You'll need to weigh a short sale versus just bankruptcy (or foreclosure). Short sales almost never work... as I tried it too. I don't think more than 20% of short sales succeed anyhow. I would concentrate on what your end game is, and where you want to be in say 5 years.

Yes, I agree with this. It's the best thing to do right now.

[relief13035]

Take it from me - we are surrendering (2) rental properties in Nevada. We have spent thousands trying to keep them going. It feels so good to have them off our shoulders.

Just stop paying now!