My husband and I have 2 investment properties in Missiorri. A company took out 2 loans in our names, and purchased the houses. A contract of deed was signed and the company was to make the mortgage payments everymonth through renters. While one house has tenants living there, the other doesn't. The renters pay the company 1800 dollars each month, but we do not see that money. The company is using that money to pay their employees. Ever since April the company has claimed to not have any money to make our mortgage payments. So I have had to take the money out of pocket. Well I cannot continue to do that. The company claims they are not going bankrupt , but it is quite obvious they are. Some houses are already going into foreclosure. What options do I have if any? We can attempt to sell the houses, but the likelihood of them selling is very low. How can we prove to the banks that we cannot afford 2 houses,additional houses. What exactly can the banks take from us if they start "collecting". If you have any information on investment properties and foreclosure please let me know. I am hoping to see an attorney but am having trouble getting an apt. thanks.

I'm confused about "the company". Is it a management company, managing your rental properties for you? And if so, do you not have a contract with them? They should only get a % of your gross rents. Based on what they actually collect!

Is there anything preventing you from taking over control of your properties, getting them both rented (even if you have to lower the rent or something to get the vacant one in there)? Have the rent paid to you, YOU pay the mortgage - so you know it's paid.

An attorney would be a good idea. Obviously would have been a good idea whenever you entered into this "scheme" (which is exactly what it sounds like.)