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    Lightsearch's Avatar
    Lightsearch Posts: 1, Reputation: 1
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    #1

    May 29, 2008, 02:13 AM
    Foreclosure and Bank Account
    I bought one extra home after attending one of those realestate investment seminars about two years ago. Unfortunately, realestate value have dropped so much that I'm in negatives in both homes, and I'm real struggling keeping up with two mortgages. Its hard to find tenants, and I' drying my account out. I'm thinking of letting one home go (foreclosed). I cancelled my family's healthy insurance so I can keep up, but its getting out of my financial reach. I have about 11K left in my saving accountt. First question is: will the mortgage company come after my account? Second question: if the mortgage company can do so, what am I to do so I don't loose everything. PLEASE PLEASE HELP
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #2

    May 29, 2008, 05:10 AM
    Hello, Lightsearch!

    I just moved your question from Home-Based Business to a more appropriate topic area where there will be more likely persons to come along who will be able to answer your questions the best.

    Thanks!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    May 29, 2008, 05:19 AM
    Can they come after their money , yes they can, and no as long as you have money, you should not be cancelling your health insurance, one trip to a hospital could set you behind 10 to 20 thousand in one swipe.

    You have found the one problem of those get rich real estate programs, which of course gets them rich by you buying the program.
    If you can hold out a couple more years even working a second job, real estate will start back up, the down trend is merely a balancing because it got over valued, now it is going to fall too far down. If you are not making money or breaking even, you need to look at your rental ability, again not everyone was meant to be a lanlord.
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