Hello, I am new to this forum, and have to say I'm very happy to have found it. There is a lot of great information on this site that can help to empower people to take control of their life and make the proper changes needed to move forward. I am in a bad situation currently I have done all I can for the past 7 years to build credit and maintain a "good score" I currently average a 769 but that is soon to change. I own two properties that I can not afford due to increases in the mortgages due to property tax increases, I have tennants in both properties who are no longer paying rent and I am in the process of getting them evicted but can not carry the payments while I wait for the court dates, as of the first of january I will be late for both mortgages. I have a tax lien for $6000 on one property and a judgement due to overdue condo fees on the other property for $9000, not to mention credit card debt that will take years to pay off. I depleated my savings covering the mortgage payments these past two months and have zero savings, I only make enough to cover my current bills, and am the only one working I support my wife and two children. I had a newborn son three months ago which was a blessing from god but is also costly. I don't know what to do, never in my life have I ever considered bankruptcy, but I don't know if I have any other choice, I applied for a loan to cover my debts and hold me over with my properties until I get them rented again but the judgement popped up on my report and they turned me down. I am meeting with a bankruptcy attorney today at 4pm. Any Ideas or help with my situation would be greatly appreciated. Thank you
Welcome to the community, and I'm truly sorry to hear about your current situation. It must be a great stress on you and your family during this holiday season, so I do hope something good came out of the meeting with your bankruptcy attorney yesterday. I'm curious, what did he/she suggest? I'm the type of person that always looks at bankruptcy as the ultimate last resort. So, it seems to me that the most important thing for you right now is getting your investment properties filled asap with renters that will actually make their payments and increase your cash flow. Those properties, and the debt that follows them, are clearly dragging you under. It may sound hard to swallow, but have you ever considered paying your renters to actually get their butts out of your property so you can fill it with good renters? Sometimes a few hundred bucks is all the incentive they need to get out, and it will save you a lot more time and money in the long run. That way, you can list the properties immediately, show them to potential renters, and hopefully get someone new in there within a few weeks. You could also consider doing lease options, which might help you get renters in the properties quickly. Also, do you have any equity in your investment properties, or are you upside down on the loans as well? If you could possibly sell and restructure your debt, that's always an option that should be considered.
