Facing 5 foreclosures, couple of questions

[jpress]

From March through May of this year, I bought 5 four-plexes in South Carolina. I have a first & a second on each of the properties. All but one of the loans are through American Home Mortgage (now bankrupt) with one being sold to indymac bank. When I bought them, they were almost all rented and now have only about 8 people paying rent. I started off with an individual managing the property and the last 2 months have a management company. I just looked at my statement and they collected $3100 and the expenses were $3000. Something seems wrong with that picture. I am about to miss my 2nd payment. My regular income right now can not support these extra mortgage payments. I am about to think of letting them all go. I can barely even afford to pay the water & some other bills there. It is a really bad situation.

I own a house in California which is just about equity empty. Also in a ton of debt with credit cards (100K+) I make enough to maintain my own house payment & car payments but really can't afford the credit cards anymore.

 

1. Seriously considering bankruptcy, can I wrap the income properties in that? Should I file

2. Can they come after me after foreclosure for anything?

3. Will 5 foreclosures damage me forever?

4. Credit card debt, best thing to do?

5. Help!!!!

 

Any advise is surely appreciated ASAP!

Edited September 25, 2007 by jpress

[Brian B The Loan Professor]

Reality sucks

You are in over your head

 

Seek an attorney this is way too serious to seek advise on a internet forum

 

 

Do what you can to keep the CA property

 

seriously we can give free advise but thats not what you need

 

Good Luck I wish you the best

 

Foreclosures will hurt for 2-3 years but you can recover

 

Multiples may sting a little longer

 

Not sure as it isnt something we see