Should I let the bank take my investment property back?

Asked by Dawils, Escondido, CA Mon Sep 7, 2009

Have 2 fourplexes in ABQ I have owned for about 3 yrs. The neighborhood has deteriorated and I can't keep them occupied. They're worth half what I paid and are draining me financially. I live out of state and am on my 3rd manager. I feel like I'm throwing good money after bad with little hope of a turnaround any time soon. I can't keep coming out of pocket for these, but hate to give up and also lose not only my 50k downpayment, but damage my credit. If I could get the bank to redo my loan or at least let me pay interest only for a few yrs, I think I could make it work. But I understand they won't talk to me unless I miss payments, won't renegotiate my loan or accept a short sale because I do have assets elsewhere. But these are for living, kid's college, etc. Any ideas or help would be appreciated. I'd like to raise the rents (now at 475) to 525 and fix them up, but I'm afraid this wouldnt work since the other owners on the street have all given up.

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Philip’s answer
Philip, , Rio Rancho, NM
Wed Oct 14, 2009
Hey There, how many apartments are empty? And what part of town are they in ? You say it has deteriorated in the neighborhood, or are they just in a bad area to start? I am in Albuquerque and may have some ideas for a solution to your problems, note I said MAY have, my e-mail is if you are interested shoot me a message.
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