Can't pay

[rich7462]

What is the name of your state? FLORIDA
AS of this month I can no longer pay into an investment property in Las Vegas. Property values have gone down and I'm not getting enough in rental to cover the mortgage payments. It's up for short sale but no activity. I have a first and second with Countrywide. The first is a pay option arm which causes me to go further in the hole. The small amount I will get from being in the rental pool between now and the time it forecloses on, I will have to put into the second I took out on my primary home here in Florida to buy the place in Vegas. I basically 100% financed it. What can the 2nd lien holder do to me as far as trying to collect. I'm now barely making ends meat as it is. This property is a vacation rental and I had to buy into the club to buy the property and the company went under and now I'm not going to get my membership fee of $15,000 back. They leased it back to me for two years but that amount of money did not cover it. I was hoping it would gain value and I could profit. The new company that bought it is putting me in the rental pool six months before the lease back is up to help make up for my loss. I'm still going to be stuck with a second on my home here with nothing to show for it. There is no way I can pay back the second on the Vegas property.