Foreclosure on second and third home

[Trishia]

What is the name of your state? Florida


I am in between a rock and a hard place...
I bought (financed) my home about 4 years ago... and I still live there (1st property).
2 years ago I got a job in a town 1.5 hours away from where I live. After the weekly increase in gas price, and having to work late nights, I bought a condo (2nd property) close to work. I got a roommate to help with the expenses on both places.

A year ago my older sister was going to move close to me (she lived 4 hours from me). I financed the townhouse (3rd property) and while the paper work was completed, my sister's cancer came back.
Needless to say, this whole year has been a blur... my sister fought so hard for all this time... but she lost the fight...
She lived 4 hours away from my home, and I commuted daily to work and worked late nnights... and 3-4 days a week drove to be with her at the hospital... and then back to work... all together 1500 miles a week.

Out of the 3 properties, my home was the only one that had some equity on it, so I got a home equity line of credit to continue making payments on all properties and to help my sister financially during her chemo.
I know that I should have taken care of my financial situation better... but when I had to chose between that or rushing to be at my sister's bed-side... I have no regrets...
I started from nothing and if I have to go back to that for a little while in exchange for being there for my sister...

Now... I need to take care of my situation...

I can not afford the other 2 properties...

The home where I live would take me a while to sell it, and at the end, I would maybe break even with the loan/sell price. I have one loan and one heloc on this property... I don't have association fees and I have had a homestead exception on it.

The condo by my old job (after 2.5 year I was transferred to another location still about an hour away from my home)... other units are asking 30-40k less than what my loan is for...
It is now rented (month to month), but to a deficit of $1k a month... which will increase due to the increase in property taxes and insurance.

The townhome where my sister was going to live closer to me... 2 other units were sold for 70k less than mine... prepayment penalties are 24k... closing costs... realtor to sell it...
I was just able to rent it month to month... for a deficit of 1.5k... which will increase due to the increase in property taxes and insurance.

I have been able to make the payments due to the heloc from my primary residence...

What can I do now...?
Honestly... with my grieving, it is hard to care about anything right now, but I know that I need to do something about this since I am at the end of the rope where I will not be able to make any more payments.

I have considered bankruptcy/foreclosure on the other 2 properties and try to stay where I live now for few more years (since I doubt I will be able to finance anything in the next 10 years)...
I have a good job... I have always kept my finances in check... the only debts I have are my student loans and the mortgages on all these properties...

I have an appointment with a real state lawyer this Friday, but I do not know what to expect or whether he will be able to give me good advise (some lawyers seem to know better than others). Everything that I ever worked for is going down the drain and need to select the best option that I may have to deal with this...

Any ideas? What should I expect the lawyer to say to me? What questions should I ask him? I have never needed help like I do now...
I have not brought up this situation to my parents/family since they also are economically and emotionally affected as I am...

Thank you and God Bless you....

[alent1234]

you can only afford one home

go see a lawyer and get rid of the other two

[Trishia]

I am trying...
I have been really good at not having credit cards debts nor other loans besides the morgages and student loans... and though this is going to destroy my credit... I don't believe I have any other choices...

I decided to get a first and second opinion this Friday.
I spoke with 2 lawyers about the situation... both agreed that I need to file for bankrupsy, chapter 13... one talks about foreclosure... the other one didn't. Their interpretetions of what chapter 13 were completely different and the consequences of each. Making the wrong decision could cost me everything I ever worked for... so I am trying to find a very good attorney for the 3rd opinion... hope I cant find one early this week...
Can't find much information on the internet either to back either lawyer's point of view...
wish me luck...

[lcannister]

Try a deed in lieu of on the two other properties BEFORE filing BK.

[Trishia]

Thank you
I have a couple of more appoitments with other lawyers... I only have one chance to get this right, and the more I read about these procedures, the less confident I feel with one of the lawyers tha I saw, and the more questions I have in regards to the options the first lawyer gave me

Any more ideas/comments that you might have, will be so appreciated...

I need to get things rolling this week...

Thank you...