Anyone know what would be the best way to go? I have rental properties and this year I am no longer making money on them due to nonpayment of rent, my real estate not selling etc, causing me to be unable to make the payments on any of my investments. What would be the best way for a person to go? Would Short Sale be the best? Will banks do short sales on investment properties?
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Can't a short sale & foreclosure still leave you with a percentage of debt?
My friend owned a huge rental building with about 20 apartments and went Bk on the whole thing for the same reasons you are saying.
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"Best" in what context.
Short sale leaves you with a deficiency balance that will either remain as a collectible unsecured debt, or foregiven while will create an income tax liability (and if any real estate agent or mortgage broker tells you otherwise, they are lying or ignorant).
Generally, if you have no intent on keeping the properites, the easiest, least damaging way to go is declare BK.Comment
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