Question about finances and what my option are in my situation?

Question

So, I have a mortgage on my house and a car loan with the typical bills of credit card, electricity, etc. These are not my issue. I also have 2 pieces of property, one I own with a friend and the other I own on my own. The one I have with my friend we got 2 years of payments for free which will be ending this April. The other land I took a second interest only loan out for another year in hopes that the roads at this property would actually be built. It is in North Hampton County VA within a half mile of a boat ramp going into the Chesapeake Bay. Long story short on that one the roads have been held off over and over again and I cannot sell the property without roads in it. Currently I have the 1 acre lot for sale for 150,000 with a 15% kickback upon purchase. If i needed to get rid of one this would be it and then hold the other one with my friend. My question is what are the options I can take here to get out of this if paying it off is not in my budget. Can I foreclose??

Answer 1

Foreclosure is your last option.  If you foreclose, your credit history will be hit very hard and it'll be tough to get out of it.

The best thing to do is try to sell.  Or, talk to the bank to refinance.  Sometimes, they'll refinance so that you pay interest only for sometime till things pickup.

Answer 2

Managing your finances should never be a completely solo task.  Why not take advantage of the hundreds of free financial consultancy websites?  You can easily find reputable help from financial directories like http://cozyfinance.com/ and save yourself the hassle from learning it all yourself.

Answer 3

Try to negotiate a short sale with the bank, rather get an experienced realtor. Banks prefer to deal with people licensed by the state and the whole transactian is not simple. You have to get an attorney to deal with the necessary wording, your agent should know the whole drill. Foreclosure busts you up for 7yrs it usually leads to bankryptcy!