V
valstep
Guest
...business failing.? Not enough income to support overhead. We've reduced some debt, moved out of our primary home, rented it and still can't support this other property...trying to rent it and also trying to sell it for over two years now...have reduced the price many times and now we still can't sell it for what is owed and property is now worth less than loan. We've lost about $200K in payment of primary and secondary loan principal and interest since owning it and hate to ruin credit, but looks like it's a must since I've run out of life savings monies to keep it current and my income is barely enough to keep me afloat right now. I'd love to propose a principal balance reduction to an amount I can try to afford and keep the property to continue to sell it to pay off balance and not ruin credit, but don't know what my true options are...I'd like to hear the devil's advocate and the bank's perspective. DO we continue reducing it and find short sale buyers and how do I stop bank from imposing collection of the remainder of the balance if I can find a short sale buyer because if it comes to that, I'd prefer to fight for the property and just have it foreclosed if that's the case. HELP!!