Re: Tough times tough market - Landlord Forum thread 345251

Re: Tough times tough market by Garry (Iowa) on May 27, 2016 @17:48

Taking a "hit" on your credit score is an understatement. It will drop like a rock, probably below 500 within 6 months, and stay there for several years. You will not be able to get any kind of a loan for several years, or be able to refinance any of you units, unless someone will lend you a small amount at a very large interest rate, say over 20%. And the worst thing is, any lenders who lose money, could come back and sue you in court. If they win, they could attach liens against all the properties you still own, thereby leaving you with no equity in them if you try to sell them in the future. There are still good renters out there, in all price ranges,---- you just have to work a lot harder to find them. Do you have enough equity in some of them, so you could sell some at a greatly reduced price, and then use that money for the remaining units? I'm sorry you're in a down market right now. That's what happened in the recession of 2007-2009, when millions of people lost their own personal homes, and LLs were not spared either.

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Re: Tough times tough market by Barb (NC) on May 27, 2016 @18:35	[ Reply ]

Gary thank you so much for sharing I am not afraid of losing my credit score ratting but going after my other properties do scare me a bit. Thank you for genuine reply.