I have had a lot of calls in the past 30 to 90 days from my current and prospective clients concerning what they should do about their investment property. In most cases these investment properties are under water financially
Just for the record, an attorney is the only source for legal advice on what is best in your situation. I am not an attorney and do not give legal advice. Your tax professional / CPA should also be consulted to determine what is best for you.
The best advice I can give to you here is to contact an attorney and get your legal advice there and not from a magazine article, a friend, real estate agent or real estate broker. Be prepared for your interview with the attorney.
Here are a few questions to ask.:
- Do you practice real estate law?
- Is foreclosure or short sale the right strategy for me?
- If I default on my note, can the lender come after my boat and homes in another state?
- What will happen to my credit?
- What will be the tax consequence of the foreclosure? The short sale?
- Remember, no lawyer can answer specific questions with only general information from a third party such as me. The fact that I manage your property and have for years doesn't mean I know the terms of the loan or your particular situation. I appreciate that many have confidence in my opinion on real estate matters but the bottom line is that unless the person giving the legal advice is a member of the State Bar, they can't give legal advice. I am not an attorney. I am also not a tax professional. I hope this helps.