I would be willing to give you some advice after viewing the properties in Memphis. Gail Starnes, The Starnes Company 901-795-1660
The bank isn't interested in the homes, they want the payments. If you turn one back, you will suffer a foreclosure which is very hard on your credit. A short sale will be less damaging in most cases.
What are you doing about getting more tenants? Agents list homes for rent as well as for sale. Taking less rent is always a better option than taking none. If you want to protect your credit, get some new tenants even at a negative cash flow for now.
Jason Wallace, SFR
Keller Williams Realty
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Your options are few. Your credit will be negatively impacted if you do anything other than pay the mortgages in a timely manner or you assign the mortgage to a third party (known as selling "subject to"). Are you in a negative equity situation on all the homes? Will rents not cover the mortgages?
I'm a real estate broker and investor and might be able to help give you some direction. Contact me direct at email@example.com and we can discuss your specific situation further.