If you have investment property that you have to continuously maintain or that may be falling in value quickly, it could be tempting for you to simply abandon the property. If properties are not your primary residence and you are finding it difficult to keep up on an investment properties mortgage, you may even be finding yourself facing foreclosure. The process of foreclosure on any property can be a very difficult process but this burden can be eased dramatically when the home is not your primary residence.
Avoiding the burden of added costs or the temptation to let her property slip into foreclosure is important however. Ignoring any situation of debts will not make those debts disappear. Added costs throughout your home can often continue to mount and you might even find yourself considering bankruptcy and surrendering this property. Surrendering your investment property through bankruptcy is an excellent way that you can eliminate debt liabilities quickly. Bankruptcy can help you to face a series of debt related problems and make sure that you can pay down your debt in a much faster format.
Even if you happen to own investment property in a different state, you could file for some form of relief using bankruptcy and even use multiple filings in multiple states to manage foreclosure or debt relief.
Leading a investment property go into foreclosure is never a wise idea. Choosing the option instead to utilize bankruptcy or another form of debt elimination is often a far better method for eliminating bad debts and poor credit situations.
If you are facing potential foreclosure and you would like to file for bankruptcy, contact us today.
This post was written by Trey Wright, a bankruptcy lawyer in Tallahassee. Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.