With all the people in foreclosure on their real property, I'm guessing someone has written a good book (like Foreclosure 101) about how to navigate through the situation if one is in foreclosure or about to go through a foreclosure. My best guess is you want to somehow be able to protect whatever assets you do have and not let a bank go after too many of your assets to pay down the mortgage? I am leasing a 4-unit rental property building to buyer under a lease with option to purchase agreement. Buyer fell behind on some of his rent payments, but just now got all caught up with me financially. (Hooray!) But he has shirked his property management duties, and we are dealing with some city code violations and repairs which he has blown off. I live out of state, the building is under water, and he has some other money judgments and has fallen behind on paying the building's utilities. I doubt that he could qualify for a mortgage under current conditions, even if he wanted to. While I am glad that he is square with me financially, the lack of property management is troubling. I am thinking about quitting paying the mortgage and just letting it go. Should I put all my assets into cash and just operate on a cash only basis, avoiding banks and credit for the next several years? If I go through foreclosure, how long will it take to re-build my credit? Thanks!
Read more: Is there a Foreclosure 101 book? I want to maybe go into a foreclosure situation planfully?
