I have 6 investment properties that I lose money on every month should I shortsale,bankrupt,forclose or deed in lieu of forclosure.Is there a way to save my wifes credit and just ruin my own?

excon

Hello bad:

In order to give you good financial planning advice, one would need a larger financial picture than you're providing. Like, how are the properties held? Who holds the mortgage? Are you incorporated? How old are you? Do you work? How much do you owe? Where do you live? Etc. and so on.

excon

badbusiness

3 of the 6 properties are just in my name. 2 others are mine and my wifes name. the last is in my name and a partners name.I have a LLC but none of the properties are in it, so all the mortgages are held as personal. I am almost 33. I still work.When I purchased the properties they all had atleast 20% equity and they were still appreciating, now I have pulled money out to stay current om mortgages. The market has also changed so much that 5 of the 6 are worth alot less than what I owe. I live in Colorado. 2 of the homes are in Arizona, 3 are in Florida, and 1 in Colorado

excon

Hello again, bad:

There isn't a good way to go broke. You'll have to run some numbers and make your own decision. The houses are worth x. No matter how you unburden yourself of them, the mortgage holder will sell them and charge you the difference between what they got and what you owe. They'll also add all sorts of costs and fees. You're going to have to figure out what that number is, and whether or not you can or will pay it.

You're going to ruin BOTH your credit. A bankruptcy will stay on your credit report for 10 years. Regular bad credit only stays on there for 7. Bankruptcy is harder to qualify for these days. A new law just went into effect.

I dunno.....

You did mention something like a deed in lieu.... I don't know what that is, but if it's the bank taking the property back with no penalties, DO THAT.

excon