Join me on the next Foreclosure Fridays Live (June 29th) to discuss my trip, Foreclosure Book, etc! Start at 5PM PST (10AM Saturday in Australia).

What I Want

I have about $140,000 of debt in credit cards and business lines (seems unreal!). That’s from all the planned and unplanned acquisition, rehab, travel and holding costs. The houses didn’t retail like I hoped so I can’t repay the lines. The minimum payments on credit lines are over $3500 per month.

Worse yet, I cannot afford the approximate $15,000-20,000 per MONTH in mortgages and utilities on the houses. I don’t want any foreclosures or bankruptcy. Ideally I want to repay every penny I owe.

Preferably I want the mortgages to be cashed out and off my name. However, I’m willing to let an investor just take over my payments and I’ll deed the properties subject to existing financing. I will stay on the loan until the property is re-sold.

It would also be nice to get some cash for my equity. True, most of my properties don’t have any equity. Some have a little. I want to squeeze out as much as I can. That way I can pay down the credit lines and have money to live on.

The only thing I can really do to sell the properties with no equity is a shortsale. I’m willing to work with any investor, buyer or real estate agent in pursuing a short-sale with the bank. That’s better than getting a foreclosure.

So to summarize:

1) I want to avoid foreclosure on my credit record

2) I want to avoid falling behind on credit lines / cards. Or at least avoid having a bankruptcy on my record.

3) I want to get a little cash to live on

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