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hi,
I'm new to the board and appreciate your help in advance. I own some multiunit properties as well as our house. We currently have zero lates on any of our obligations but face the reality , due to the current market, of letting properties go to foreclosure . What would be a good plan of attack, if we can't sell, to save our home and assets? Any response is greatly appreciated!
I would have to assume that foreclosure will leave you with some substantial liability.
The banks are not going to just let go of the debt you owe, and the larger the amount, the better the odds that they will pursue you aggressively to collect it.
The only fool proof way to protect your assets is to avoid the foreclosure.
With the rental market doing very well in the current environment, I would strive to keep the units filled, be very persistent in the collection of your rental proceeds, move quickly to evict anyone who is not paying, and do your best to keep things afloat.
Since nothing is delinquent at this point, that would seem the best plan for now.
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