foreclosure llc
Is foreclosure worth it?
In financial trouble due to escalating medical, mortgage, and other bills. Is it better to attempt to pay my way through this crisis? I already have my house, which is an investment property, up for sale. It isn’t going anywhere soon, the real estate market here is in the tank. I don’t think it is sound finanicial sense to continue throwing money away in an attempt to keep the place. I have great credit, but also don’t think it is smart to max out my cards to try and save the place. Considering turning it into an LLC, but don’t really know how it works yet. Any advice appreciated.
It probably is better to attempt to pay your way through the crisis, if it is not too great of a burden. Why not try negotiating with the other bill collectors like the medical bills? Tell them you don’t want to default but can only pay a certain amount every month due to your financial condition. You might be able to work out an affordable arrangement for the short term to help get through the crisis.
Throwing away money at the investment property doesn’t seem like a good idea right now, but if you can make it through the down market, you might be able to pay off some more of the mortgage and be able to sell at a higher gain later on. Making your payments on credit cards, though, is definitely not the way to go, since you’ll just dig a greater hole for the length of the crisis.
Unfortunately, just transferring ownership of the property into your own LLC without paying off the mortgage first wouldn’t do anything to help you. You’re still signed as responsible for the loan secured by the property, so the bank will proceed with a foreclosure if you stop making the payments. Who is listed currently on the title is somewhat immaterial.
Hope that helps.
ForeclosureFish
