Am I Going In The Right Direction
Hi board this is my first time here. Here is my story I bought a 3 family house in 2000. Being new to investing I had no mentor and no guidence. Tenants were late with rent I was sympathetic and now I'm in foreclosure my credit is shot because in order to make repairs and pay utilities I used my own money. Needless to say I have to sale the property to pay my own bill. I have a buyer, no contract yet. Once I sell this property and tie up some loose ends I should be able to clear up my credit and get back in the game with a new mind set from the lessons learned. My question is two part. The first is am I Doing the right thing? And how can I get the mortgage company to talk to me and not the lawyer to maybe wipe the late fees ect. Any Any help would be greatly appreciated.
Thanks
Ray 
Can you refinance the building? Is there any equity left? Have you talked to the mortgage co about the situation?
If you have not, maybe you should...
Good luck
Thanks for the response. I have equity but no one will refinance because the mortgage is too far behind, and the bank wont talk to me, they refer me to their attorney. Is there anything else I can do? Whats funny is I can refinance my home I live in and I'm trying to do it right now, and if I get this refi I can pay off my bills and use the money from the sale of the investment property to invest in something else I hope.
Ray
[ Edited by Rayzor on Date 10/01/2003 ]